US economy will continue to grow above trend this year and next

St. Louis Federal Reserve President James Bullard, who on Friday called for a dramatic increase in the Fed’s overnight lending rate to more than 3% this year, is crossing the wires with the following comments dripping through:

• Russia’s war will mean less globalization, more fragmentation around the world.
• Direct macroeconomic effects on u.s. economy from Russia’s invasion is not that large.
• Could easily be that Europe is pulled into recession as a result of war.
• We’ve seen these kinds of oil prices before, didn’t cause a recession in US.
• US economy will continue to grow above trend this year and next, labor markets will continue to improve further.
• It’s not as if we are a little bit over on the inflation target; we are way over.
• All indications are that inflation will go up in the spring.
• High inflation has necessitated ‘all of us’ to think about how fast we need to move.
• We will have to move faster than what we are used…

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