Fed's Bullard calls for two more 25bp interest rate hikes in 2023

St.Louis Fed president, James Bullard also recommended doing so "sooner rather than later", even as he conceded the timing was uncertain.

Bullard was speaking at a discussion at the American Gas Association's Financial Forum in Fort Lauderdale, Florida.

"I think we're going to have to grind higher with the policy rate in order to put downward pressure on inflation," he said, Dow Jones Newswires reported.

"You want to get the downward pressure while you can," he added.

He also said that Fed officials' forecasts in March for the Fed funds rate to peak at 5.1% were made in anticipating of slower growth and a more marked slowdown in inflation than had since been evident.

"Inflation is hanging up too high."

Bullard was not a vote-wielding member of the Federal Open Market Committee in 2023.