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