Federal Reserve Bank of St. Louis President James Bullard said policymakers should raise interest rates to at least 5% to 5.25% to curb the highest inflation in nearly 40 years.
Prospects receded for an unprecedented full percentage-point hike by the Federal
Reserve this month, as two officials declined to endorse such a move and a key
measure of inflation expectations cooled.
Wall Street and Washington are loudly debating whether the U.S. economy can
escape a recession – but that monumental judgment will be made by eight eminent
economists meeting quietly and far from public view