St. Louis Federal Reserve president James Bullard told Reuters on Tuesday that not much clear progress on inflation means that interest rates needed to continue to rise. He added that he continues to see an adequately restrictive policy rate at the 5.50%-5.75% range, - the bias to be higher for longer until inflation is contained.
According to the official, the predictions of a recession in the U.S. ignore the strength of the labor market, and the risks of a fallout from recent bank stress seem to have diminished.
Also, Bullard noted that he thinks the Fed should avoid giving extensive forward guidance at the next meeting, keeping options open.