Fed's Bullard now on Bloomberg TV
- Those dots showing 200 bps of hiking to normalization aren't realistic
- Let's make policy for the current low-productivity world
- Not a good plan to raise rates just so we can cut later
- Inflation is low but it's not that far under Fed goal
- We're basically right on target for unemployment
- Believes we have 'quite a bit of ammunition'
- Inflation is 'a little low' we think it's going to come up
- 'We're doing pretty well' on our mandate
- Monetary policy doesn't drive medium and long term growth
- We don't see any near-term changes in the weak labor productivity regime
- We're in a 'very low growth regime'
- Negative rates are not a likely outcome in the US
Bullard is a strange man. In interviews he's aloof and almost seems confused. He switches positions frequently and never seems to want to stick to a previous position for long.
What's interesting is that he comes off as some kind of reformer but he's also confident the Fed can achieve its mandate.
