Former President of the NY Federal Reserve, the most powerful branch in the system, said that the Fed is going to have to inflict losses on bond and equity investors if it wants to manage inflation.  Dudley who served for almost a decade at the Fed, said they are also navigating other issues like labor market tightness and supply-chain disruptions which will make it difficult to navigate. This view however stands in stark contrast to the ‘Fed put’ where investors rely on the Fed to not tighten monetary policy too quickly in order to maintain stable equity prices. 

Finsum: Higher rate hikes are definitely a possibility, and even dovish Presidents are looking like hawks.