Hawkish comments from Bullard 💵 Another 50 pb Fed rate hikes this year?

Known for his hawkish view of US monetary policy, the head of the St.Louis Fed. James Bullard indicated today that further rate hikes in the US are as possible and justified. The dollar index (USDIDX) strengthened slightly after these comments: 

Fed Bullard

• If inflation is not controlled, the Fed will have to do much more, and should supply rather on the side of 'doing too much'
• Inflation remains too high, which is one of the arguments for further increases. We will have to raise interest rates to bring it under control.
• Core measures of inflation have not changed much in recent months. The labor market is slowing down a bit, but that doesn't mean recession.
• I expect two more rate hikes this year. I want to fight inflation as long as the labor market is strong.
• The Fed will have to raise the interest rate, perhaps by 50 bps more this year.
• The median rate of 5.1% was based on slow growth and improved inflation - but these have not happened.
• The probability of a recession in the US is overstated. The economy is likely growing at or slightly below trend. 
• The baseline scenario remains relatively slow growth through the end of this year and into 2024.

USDIDX chart, M15 interval. Source: xStation5