Federal Reserve Bank of St. Louis President James Bullard, who called for aggressive interest-rate hikes to fight the recent inflation surge, resigned after 15 years in the position to become dean of a university business school.

The Federal Reserve needs to raise interest rates a bit further to rein in an inflation rate that's too high, monetary expert John Taylor said.

Federal Reserve Bank of Dallas President Lorie Logan said more interest-rate increases will likely be needed to spur meaningful disinflation and bring price-growth rates back to the central bank's target.

Federal Reserve officials were less united at their June meeting than their unanimous decision suggested, as some favored interest-rate increases but went along with the move to leave policy unchanged.

Much uncertainty remains as the second half of the year begins, with Federal Reserve rates, recession and inflation all still to be decided.

Total volume for the month was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data.

After holding at its last meeting, the Federal Open Market Committee may decide to raise rates again in July.

Powell is set to appear on Capitol Hill this week for his semi-annual monetary policy testimony, the first time the Fed chief will answer questions from Congress in public since early March.

All 12 regional Federal Reserve banks released financial information from their presidents on Thursday, including new errors that Federal Reserve Bank of Atlanta President Rafael Bostic acknowledged. Such disclosures have taken on increased significance after a slew of scandals in recent years.

Analysts agree with the market that the Federal Open Market Committee will hold rates in a range of 5% to 5.25%, but guidance will suggest a future hike.

For the coming week, investors will be greeted with a new-issue calendar estimated at $8.213 billion.

Outflows continue as Refinitiv Lipper reported investors pulled $1.345 billion from municipal bond mutual funds for the week ending Wednesday.

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.

"If the banking stresses start to bring inflation down for us, then maybe we're getting closer to being done. I just don't know right now," said Federal Reserve Bank of Minneapolis President Neel Kashkari.

Federal Reserve Chair Jerome Powell gave a clear signal he is inclined to pausing interest-rate increases next month and said that tighter credit conditions could mean the policy peak will be lower.

Federal Reserve Bank of Dallas President Lorie Logan said the case for pausing interest rate increases at the central bank's June meeting isn't yet clear, while her colleague Gov, Philip Jefferson sounded ready to be patient.

The FOMC meets June 13-14. Join us June 15 at 2 p.m., Eastern time, as Jeffrey Cleveland, chief economist at Payden & Rygel, provides his take on the meeting statement, Federal Reserve Board Chair Jerome Powell's press conference and the latest Fed projections.

Two Federal Reserve officials signaled they favored pausing interest rate increases, while a third policymaker said the central bank's task in subduing inflation was not complete.

The Federal Reserve meeting May 2-3 will be closely watched for hints about what the FOMC's next move is. Join BNP Pariba U.S. Economist Yelena Shulyatyeva at 11 a.m. May 4 as she takes a look at the meeting and Chair Powell's press conference.

The Federal Reserve Board governor said adopting policies on climate change are not necessary and risk hurting the central bank's credibility.