KEY POINTS
  • St. Louis Federal Reserve President James Bullard cautioned that without action on interest rates, inflation could become an even more serious problem.
  • "We're at more risk now than we've been in a generation that this could get out of control," he said during a panel talk at Columbia University.
  • Bullard has called for a full percentage point in rate hikes by July.
James Bullard

NEW YORK — St. Louis Federal Reserve President James Bullard cautioned Thursday that without central bank action on interest rates, inflation could become an even more serious problem.

"We're at more risk now than we've been in a generation that this could get out of control," he said during a panel talk at Columbia University. "One scenario would be ... a new surprise that hits us that we can't anticipate right now, but we would have even more inflation. That's the kind of situation that we want to ... make sure it doesn't occur."