Saint Louis Fed President James Bullard told CNBC on Friday that frontloading rate hikes, in his view, is a good idea in the current situation, as it means that the Fed can stop inflation before it becomes entrenched. In his opinion, interest rates should be 3.5% by the end of the year.
Bullard also said he expects that economy will slow moderately but be fine. The policymaker added that he thinks it will be unusual to return to a recession unless there is a big shock.