Bullard wants rates above 5.0%. Dollar unimpressed

6:15 PM 12 January 2023

Fresh comments from FED's Bullard did not provide much support for USD:

Growth in Q4 will be stronger than expected
The economic outlook is better than assessed just a few weeks ago
It is good that inflation is falling, but it remains too high
Inflation will fall thanks to the monetary policy that is currently appropriate
It is difficult to assess how the unemployment rate is expected to rise from current levels, the labor market is extremely strong
To avoid the 1970s scenario, Fed must maintain rates at high enough levels to make sure inflation moves down
Interest rates must be raised above 5% - as soon as possible
There's possibly too much optimism that inflation will come easily back to 2%

EURUSD does not react to Bullard comments, as he is known for his hawkish approach. Main currency pair oscillates slightly below session highs around 1.0840. Source: xStation5

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