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'.
