In prepared remarks at the University of Missouri, St Louis Fed President and FOMC member James Bullard said on Thursday that even with financial market tightening, the Fed remains behind the curve in its fight against inflation. Even a "generous" reading of monetary policy rules shows that the Federal Funds rate of around 3.5% is needed to fight high inflation, he continued, much higher than the current 0.25-0.5%. Bullard added that it's important that the Fed now "ratifies" the guidance it has given with interest rates at upcoming meetings.