Comments from Bullard on Bloomberg Radio:

  • Last year the first quarter was similarly weak
  • Looks like Q1 will be revised negative
  • The bounce back won't be as quick as last year
  • If the pattern follows last year, you'll see stronger growth in June and July
  • The base case is for a hike in 2015
  • I appreciate that markets have pushed back the date for liftoff, 'that's fair'
  • The Dallas Fed PCE trimmed mean is superior to core PCE and core CPI
  • Sees unemployment in the 4%-range in the coming months
  • Low rates could lead to asset bubbles if we're not careful
  • Housing market hasn't rebounded the way you would expect
  • Unemployment will continue to fall faster than most think
  • Labor force participation will fall for another 7-10 years
  • I still they we'll get 3% growth in the second half; that was the pattern last year

The high-paid economists at the Fed have been reduced to forecasting 'this year will be like last year'.