ST Louis Fed President James Bullard thinks inflation will be stickier than the Federal Open Market Committee is projecting while the median range for the Fed forecasted terminal rate is just over 5%. Bullard's projection is more Hawkish.

I think we'll need to get over 5%. The committee says that the median person on the committee says a little over 5%. I'm a little higher than that. I think inflation will be stickier. And uh you know, I look mostly at the core measures of inflation like PC core inflation or the Dallas Fed trim mean, which really hasn't come down very much at all still in the 4% range. So, you know, 4.6 or something like that. So, um so we're still talking about a lot of inflation more than double our inflation target on that basis. And oil prices fluctuate around, it's hard to, it's hard to track exactly some of that might feed into inflation and make our job a little bit more difficult.