Fed's Bullard: Yield curve in a more normal state. Could be bullish for the economy

St. Louis Fed Pres. Bullard speaking in Louisville

• Yield curve in more normal state could be bullish for economy in 2020
• Had flagged concerns over yield curve inversion but says monetary policy now considerably more accommodative
• Risks remain but Fed cuts this year may prompt faster than expected growth, better inflation outcomes next year
• Fiscal, monetary policy will be more effective if they can work together
• Rate cuts may re-center inflation, expectations
• Time for the Fed to wait and see impact of cuts made so far this year
• Hopes the Fed has skirted the bear signaled that comes from inverted yield curve

Fed's Bullard is losing his dovish bias after the last 3 rate cuts