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St. Louis Fed’s Bullard says the central bank should raise rates above 3% this year

St. Louis Fed President James Bullard said Friday he thinks the central bank should raise interest rates the equivalent of 12 times this year to convince the public it is serious about fighting inflation.

As the lone dissenter at this week’s Fed meeting, Bullard said in a statement that he would like to see the central bank’s benchmark interest rate boosted above 3% from the near-0% level where it had stood.

Following its two-day meeting, the Federal Open Market Committee on Wednesday said it would raise overnight rates for banks 0.25 percentage points.

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