Bullard says Fed is unlikely to stop at one rate hike as Warsh-era minutes loom

According to CNBC, former St. Louis Fed President Jim Bullard said the Federal Open Market Committee typically moves in rate cycles and is unlikely to deliver just one interest rate increase, as markets await minutes Wednesday from the Fed’s June 16-17 meeting, the first under Chairman Kevin Warsh. CNBC reported the Fed’s June “dot plot” leaned toward a hike before the end of 2026 and then one cut in each of the next two years, while traders are pricing in a hike as early as September, according to CME Group’s FedWatch. Standard Chartered strategist Steve Englander said he expects Warsh to make FOMC minutes less informative, and Bank of America raised its forecast to three quarter-percentage-point hikes before the end of this year. CNBC also cited the New York Fed’s June consumer survey showing one-year inflation expectations at 3.7% and three-year expectations at 3.3%.