St Louis Fed President and outspoken hawkish FOMC member James Bullard on Tuesday said that 50 bps rate hikes at upcoming Fed meetings are a good base case for now, reported Reuters. Financial market tightening should already be lowering inflation, but also means a broad repricing of assets and more volatility. 

The Fed wants to act in a way that is transparent and that causes the "least amount of disruption we can get", Bullard continued, noting that the Fed has a "good plan in place" to bring down inflation. China does not appear to have an exit strategy from the pandemic and lockdowns, he worried.