Former St. Louis Fed President Jim Bullard believes that the Federal Reserve still has more work to do in fighting inflation and that there is a risk of prices picking up again. Despite 11 rate hikes between March 2022 and July 2023, inflation has fallen, but is still only halfway back to the 2% target. Bullard warns that inflation could turn around and go the wrong way. The upcoming release of October's consumer price index is expected to show a monthly increase of 0.1% and an annual increase of 3.3%.

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