Fed’s Bullard says he is leaning toward backing 0.75 percentage point hike in September

St. Louis Fed President James Bullard said Thursday he is leaning toward supporting a 0.75 percentage point rate hike in September, according to an interview with the Wall Street Journal published Thursday. This would be the third consecutive unusually large rate hike by the Fed and would bring its Fed’s benchmark rate up to 3%-3.35%. Some other Fed officials have said they are leaning toward a half percentage point hike. In the interview, Bullard also said the Fed shouldn’t drag out the process of raising rates. He said he wants to see the Fed’s policy rate hit 3.75%-4% by the end of the year. The economy will grow at a stronger pace in the second half of the year than the first six month, he said. Bullard is a voting member of the Fed’s interest-rate setting committee this year.