Fed’s Bullard:
- First rate rise ‘still a considerable distance away’
- US agriculture land prices have plateaued due in part to softer commodity prices
- Severe weather has ‘fouled up’ industries such as transportation in recent months, according to anecdotes
- FOMC not yet decided its operating procedure once balance sheet returns to normal size
- FOMC needs to address whether reverse repos will be part of normalization process
- says real interest rates will continue to be low for some time to come
Headlines from Bullard crossing the wires now, he spoke earlier: Bullard says Fed closer to normal monetary policy