Comment from Bullard, cited by Dow Jones

Details:

  • The projection to raise the federal-funds rate to 3% over the next 2½ years "is unnecessarily aggressive"
  • Bullard: The softening in inflation appears to be more widespread than initial reports
  • "I'm open to the idea that maybe there was just some noise in there-that's possible," he said. "But it looks more broad-based to me"
  • "It just doesn't look like there's a lot of price pressure"

This is the same tone we've heard from Bullard before but his comments on inflation right now have some sympathy at the FOMC.