The following comments are flowing through the wires:

Russia's war will lead to less globalization and more fragmentation in the world.

The direct macroeconomic impact of Russia's invasion on the U.S. economy is not significant.

It is possible that Europe is being pulled into recession by war.

These kinds of oil prices, which we've seen before, have not caused a recession in the US.

The US economy will continue its upward trend, and the labor market will improve.

We are not a little over the inflation target, we are far over.

There are all indications that inflation will rise in spring.

Inflation has forced 'all' to consider how fast they need to move.

We'll have to move faster than we used to.

We must think bigger.

Bullard's message remains as hawkish today as it ever was. Bullards stated yesterday that Powell's Monday comments have prompted the Fed to take aggressive steps to curb inflation, and that 50 bp moves would be "definitely" in the mix.

"The plural of 50 bp moves is not a base case yet," analysts at Brown Brothers Harriman observed. However, Bullard is pushing hard for it. A balance sheet runoff should also be initiated ASAP.