Speaking in London on monetary policy

Fed's Bullard (Nonvoting member, dove) is in London speaking on market policy.

He says:

  • Current level of Fed rates appropriate
  • Small effect on inflation if unemployment falls
  • Weak inflation data questions rise to 2%
  • Low unemployment is probably not an indicator of meaningful higher inflation over the forecast horizon
  • Recent inflation data has surprised as the downside
  • Calls into question the idea that US inflation is reliably returning toward the target

Bullard made similar comments on June 23rd.