St. Louis Fed President James Bullard said Thursday he has moved to a ” dramatically” more hawkish stance in light of the highest U.S. inflation figures in nearly 40 years and now wants to see interest rates raised by a full percentage point over the next three meetings of the U.S. central bank.

“I’d like to see 100 basis points in total by July 1,” Bullard told Bloomberg after a U.S. government report showed inflation rose 7.5 percent in the 12 months through January.

U.S. consumer prices posted their biggest annual gain in 40 years.

Within minutes, Bullard’s view became the market’s view, and futures contracts are now fully pledged to raise the Fed’s target range for the Fed Funds rate to 1%-1.25% by the end of the Fed’s June meeting, with some traders expecting an even steeper rate hike.