Need one rates hike to reach neutral.
Bullard has been known to change with the wind. His last push has been one focused on "one and done". That is coming not far from the time when the other Fed officials see multiple hikes in 2017. Of course that has been the pattern for the Fed over recent memory – expect 2-3 or more hikes in the year and lucky if you get one. So Bullard is taking the "I don’t believe the 2H growth bait" this year. Time will only tell if we get the traditional slowdown in the new year scenario.