A senior Fed official has Warning this is a “fantasy” The idea that the U.S. central bank can reduce inflation sufficiently without raising interest rates to levels that constrain the economy.

The Fed needs to be more aggressive in its efforts to eliminate the highest inflation in 40 years, according to Fed St. Louis branch president James Bullard, as he calls for raising interest rates to levels that actively dampen economic growth.

His rhetoric contrasts sharply with other officials, who generally see the need to push rates toward “neutral” levels this year. This is an interest rate point that neither promotes nor restricts economic activity, and is estimated to be around 2.4%.

But Bullard, a voting member of the policy-setting FOMC and one of its most important hawks, said the central bank needs to quickly surpass that threshold if it wants to bring inflation closer to its long-standing 2 percent target.

“Neutrality will not put downward pressure on inflation,” Bullard told the Financial Times. “It just stops putting upward pressure on inflation.”

Thank you for reading FirstFT Europe/Africa.Here’s the rest of the news for the day – Gary

Five more stories in the news

1. Putin says peace talks with Ukraine at ‘dead end’ Vladimir Putin once said peace talks with Ukraine Kiev is stuck in a “dead end” as Russian leaders claim that Kyiv has strayed from the agreement reached in Istanbul.

• arms: The Pentagon will Host a Top Arms Maker Today Discuss boosting lethal aid to Ukraine as Russian troops regroup for fresh attacks in the east.

• trading: World Trade Organization Lower commodity trade growth forecast A drop of about a third to 3% by 2022, warnings that a drop in merchandise exports due to the war in Ukraine could lead to mass starvation in developing countries.

• vitality: US President Joe Biden was elected with a bold plan for a green transition.But ahead of the midterm elections, he faces energy crisis.

Tracking Russia’s Invasion of Ukraine in the map For the latest news on the war, visit our live blog.

2. EU and NATO wary of Marine Le Pen’s presidential bid Officials in Brussels and across Europe still worried about France can elect a president Who wants to pull the country out of the NATO military structure, tear up a ton of EU legislation and restore relations with Vladimir Putin.

3. Travel chaos increases BA risk British Airways chief executive Sean Doyle took the top job at the height of the pandemic, face a new crisis After a wave of delays, cancellations and IT glitches, the airline has struggled to get enough planes into the air.

4. Johnson, wife Carrie and Sunak fined for Covid violations Boris Johnson becomes first person found to own committed a criminal offense During his tenure, police fined him along with government officials including his wife Carrie and Prime Minister Rishi Sunak for throwing an illegal birthday party in Downing Street during the Covid-19 lockdown.

5. LVMH sales soar despite China’s lockdown The world’s largest luxury goods group Stronger-than-expected sales growth This was despite the resurgence of coronavirus disruption to Chinese markets and the economic turmoil caused by the war in Ukraine.

the day ahead

UK inflation data Economists polled by Reuters expect March data to show consumer price growth Speed ??up to 6.7% On an annual basis, after hitting a 30-year high of 6.2% in February. The retail price index data for March was also released.

Economic data EU and Italy freed Industrial production data for February, while U.S. PPI data for March comes after the CPI for the month jumped to 8.5%, which is the fastest speed since 1981. Tesco will report first-half results.

Banking Earnings Season JPMorgan Chase kicked off Bank of America earnings season today, with expectations high for the industry to report higher net interest income in the first quarter.But that may not be enough to offset the hit to profits Investment banking declines.

What are we still reading and listening to

The British government squandered its legitimacy The editorial board of the Financial Times asked, Can the government maintain its legitimacy If it imposes laws on its citizens that it does not obey, it or moral authority to govern? The answer is definitely no. Boris Johnson doesn’t seem to think so.

• View: While the British Prime Minister may now be spared, Robert Shrimsley wrotethe long-term damage to him and his party will be irreparable. Sebastian Payne Said Labour needed ‘big men’ to deal with the Conservatives.

Breaking the Silence on Workplace Disability Issues The FT’s Working It podcast is about working in a different way. This week, host Isabel Berwick argued that while we hear a lot about diversity and inclusion in the workplace, one group is often left behind: disabled.

“The rest of the world should pay attention to what’s happening in Shanghai”
A total blockade of China’s major business centers will affect the economy of the entire world, FT Asia editor Robin Harding writeshowever it happened at a time when many in Europe and America were ready to ignore the whole thing.

The future of antibiotics this special report It examines growing global resistance to antibiotics, pressure on doctors to prescribe, new treatments being developed and the role consumers can play in reducing their use in the food chain.

Self-diagnosis ad on TikTok blurs mental health fears with reality Dozens of ads on social media platforms like TikTok and Instagram encourage teens and young adults Self-diagnosing mental health conditionsoffering expensive treatments as a solution.

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