More from Bullard - says there is not going to be a recession in the US

Earlier from Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term Bank of St. Louis President James Bullard:

• Fed's Bullard says he thinks both the Fed & ECB will achieve a 'relatively soft landing'

Mr. B is speaking on "Monetary policy, Recent Economic Trends, and the Outlook for the U.S. Economy" before the Money Marketeers of New York University.

The US just recorded two consecutive quarters of shrinking GDP, which many economists and analysts use to define a recession.

The US does not, officially, use the 'two consecutive quarters of GDP shrinkage' definition. And thus the GDP data released last Thursday does not, officially, show a recession. The US has its own recession dating committee, the National Bureau of Economic Research (NBER). They look across a number of economic indicators, including employment and industrial production, not just GDP. Given the strength in US employment the NBER will not be calling a H1 2022 recession. Additionally, there are a large number of economists expecting the Q1 (and therefore H1) figure to be revised higher in the future.

Bullard is still going:

• I believe the yield curve inversion is a nominal inversion
• rate path is more data-dependent than it has been to now
• Fed must move into more restrictive rate territory
• sees growth in H2 better than in H1
• if inflation hangs up higher then we'll have to have higher rates for longer