St. Louis Federal Reserve Bank President James Bullard argued on Friday that it wouldn't make too much of a difference to do a 100 basis points (bps) or a 75 bps rate hike at the next meeting, as reported by Reuters.

Additional takeaways

"Inflation can come down relatively quickly down to 2% over the next 18 months if Fed plays its cards right."

"Base case is still that we can get a relatively soft landing."

"I am an advocate of frontloading rate hikes."

"Fed has been trying to not do too much at once."

"Our commitment to getting to 2% inflation is unconditional."

Market reaction

The US Dollar Index extended its recovery on these comments and was last seen losing 0.25% on a daily basis.