Nov 28 (Reuters) - The Federal Reserve needs to raise interest rates quite a bit further in order to gain control of inflation and bring back down toward the central bank's 2% goal, St. Louis Fed President James Bullard said on Monday.
"We've got a ways to go," Bullard said in an interview with MarketWatch, as he restated his conviction that the Fed's target policy needs to rise to at least a range between 5.00% and 5.25% from the current level to be "sufficiently restrictive" to reduce inflation.
"We want to get this inflation under control much sooner than in the 1970s," Bullard added, noting that he prefers to get the policy rate up in short order to create the conditions for price pressures to ebb throughout next year.
However, Bullard also repeated comments made earlier this month that he would defer to Fed Chair Jerome Powell regarding how much higher to move rates at upcoming policy meetings. (Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)
