The US Federal Reserve should target a policy rate in the range of 3.75pc to 4pc by the end of this year in light of this week’s hotter-than-expected inflation data, St. Louis Fed President James Bullard said on Friday, “I would now revise up the policy rate moves,” Bullard said at an event organized by the European Economics & Financial Centre in London. Bullard has previously advocated for interest rates in the region of 3.5pc by the end of 2022. “The Fed has to react…charting out a course that is somewhat more aggressive over the second half of this year.”