The economy is stronger than previously expected and markets are repricing to adjust to blowout data, Fed President Bullard says

• St. Louis Fed President James Bullard says the US economy is proving more resilient than the central bank thought. 
• Bullard says strong labor market data has caused investors to prepare for further tightening.
• Still, Bullard forecasts that the US has "a good shot at beating inflation" this year.  

St. Louis Federal Reserve President James Bullard says the US economy is more resilient than the central bank once thought, repeating his call for more aggressive interest rate hikes to combat persistently high inflation.

The labor market has remained surprisingly resilient in the face of rising borrowing costs, Bullard says, with the unemployment rate tumbling to a 50-year-low as job gains crushed estimates last month.