Bullard is a 2019 voter and one of the more dovish members

He adds:

  • weaker China data may be feeding into slowdown views
  • economy has surprised upside, inflation subdued
  • yield curve signals Fed should moderate normalization
  • opportunity to normalize rates has now closed
  • markets see inflation below Fed's 2% target in 2019
  • markets fear of modest slowdown to turn more significant
  • he is moderately concerned that global slowdown will worsen
  • Fed should be careful not to get too aggressive that inverts the yield curve
  • market inflation expectations suggest current stance of monetary policy is to hawkish