Fed's Bullard: It's a 'denial of reality' to think inflation will return to old normal
Bullard throwing down the gauntlet
- "Denial of reality" to envision interest rates will soon return to norms of 1990s or early 2000s
- Fed should defend inflation target or risk losing credibility
- Raising rates risks policy mistake
- Open to possibility that spread of technology is depressing prices globally in ways the Fed doesn't understand
These are inflammatory comments but it's par for the course from Bullard.