To fight inflation, the Fed may resort to a tool it hasn't used since 2000
CNN
Red-hot inflation is raising pressure on the Federal Reserve to take drastic action to get control of prices.
James Bullard, the president of the St. Louis Federal Reserve Bank, told Bloomberg News Thursday he has become "dramatically" more hawkish and now supports raising interest rates by a full percentage point by July 1.
Given that there are only three Fed meetings before then, that implies the Fed would have to raise interest rates by a half a percentage point in a single meeting, instead of the more typical quarter percentage point moves. The Fed hasn't executed a half-point rate hike since 2000.
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