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The U.S. Federal Reserve will be steadfast in raising interest rates to bring inflation running at four-decade highs back to the central bank’s 2% target, St. Louis Fed President James Bullard said on Wednesday.
“We are going to be tough and get that to happen,” Bullard said in an interview with broadcaster CNBC. “I think we can take robust action and get back to 2%.”
Bullard added that with inflation showing no signs of easing so far, the Fed will have to see convincing evidence across both headline and core inflation measures of price pressures coming down before policymakers will be able to feel like they are doing enough.