Fed's Bullard says he also saw case for 50 basis point hike

St. Louis Federal Reserve President James Bullard on Thursday afternoon said he pushed for a half of a percentage point, or 50 basis points, rise in the fed funds rate when policy makers met Jan. 31-Feb. 1.

Earlier, Cleveland Fed President Loretta Mester said she had seen a "compelling case" for a half point rise at that meeeting, which saw the Fed deliver a quarter-point increase. Niether Bullard nor Mester are voting members of the rate-setting Federal Open Market Committee this year.

Stocks had trimmed earlier losses, but set back after Bullard's remarks. They remained off session lows.

In a speech, Bullard backed more monetary policy tightening to keep inflation coming down this year.

“Continued policy rate increases can help lock in a disinflationary trend during 2023, even with ongoing growth and strong labor markets,” Bullard said, in a speech to a business group in Jackson, Tenn.