Fed's James Bullard speaks in New York
- Downgrades in March forecasts were relatively minor
- March pause put weight on global growth downgrade
- Not meeting expectations can damage Fed credibility
- The macro outcome of moving at one meeting vs another is pretty small
- Inflation and financial conditions are about the same as they were for the Dec meeting
That last point is pretty true. In fact, inflation is higher in both PCE and CPI (headline and core), and unemployment is lower, than in Dec. That's two parts of the Fed's mandate satisfied and makes a mockery of the dovish slant put on things by Yellen last week.
