Why the markets are diving today

St Louis Federal Reserve President James Bullard - who very often is seen as a dove on policy by Fed watchers - surprised markets on Friday with language on interest rates that some on Wall Street deemed aggressive,

“I think it’s natural that we’ve tilted a little bit more hawkish here to contain inflationary pressures.” he said in a CNBC interview, citing recent improvement in the economy. Bullard said he see’s the potential for an interest rate increase as soon as 2022, ahead of the timeline of most of Wall Street forecasts (and his Fed colleagues)