Fed's Bullard: Rate hike this week was “a good next step”

St. Louis Federal Reserve President James Bullard supported the 25 basis point rate hike that the Fed took this week, calling it "a good next step." He stated that there is a significant amount of inflation in the economy. 

In terms of the economic outlook, Bullard's base case is not a recession, but rather slow growth and declining inflation. He also noted that the labor market remains "very tight" and will take time to cool.