President of the Atlanta Federal Reserve branch James Bullard with even MOAR remarks
- it will be a judgement call by the Federal Reserve discerning transitory form more persistent inflation pressures
This is a significant comment. Up until now Fed officials have been insistent inflation is transitory. Bullard showing a wee bit of wavering. Perhaps Dallas Fed President Kaplan will be vindicated (he's been a solo voice calling for at least talking about tapering). Bullard providing a chink of light.
I posted earlier that (link here, check it out for the tune at least):
BTW, this has been an instructive week for figuring out what the Fed is looking for with inflation. They've been cagey on what inflation actually is, but at least we are getting clues on what inflation is not. Inflation is not:
- skyrocketing asset prices
- skyrocketing consumer prices
Pretty soon we'll have this thing figured out.
