After witnessing this morning’s CPI release, St. Louis Fed President James Bullard told Bloomberg News that he would like to see 100 bps of tightening between now and July. Bullard, who is an FOMC voting member this year, didn’t go so far as to say he favored a 50 bp move next month (leaving it up to Powell), but he did open the door for a between-meeting rate increase, something that hasn’t occurred in 28 years. It appears as though a good portion of today’s nauseating sell-off is in response to Bullard’s comments, although it’s not clear that other FOMC members share his extreme urgency.

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