Fed’s Bullard says 50bp interest rate rises at coming meetings a good benchmark for now

Federal Reserve Bank of St. Louis President James Bullard:

• won’t emphasize single inflation report too much but inflation is
  more persistent than many have thought
• 50bps hikes at
  coming meetings “a good benchmark for now”
• feel goal should be
  about 3.5% on fed funds rate by end of year
• some of April’s
  inflation number is “transitory,” but “a big chunk”
  is likely persistent and will need a policy response
• “base case”
  does not include a three quarter point rate increase
• April inflation was
  “hot” but not far from what was expected

more to come