About time someone at the Fed acknowledged it
- Fed's contemplated rate path may be overly aggressive
- Sees limited inflation effect if unemployment falls more
- Inflation and inflation expectations have surprised to the downside
- US growth has converged around a trend of about 2%
- Doesn't see growth rising much above 2% in 2017
- The drop in long-term yields and inflation expectations after March hike suggests Fed may be moving too fast for economic conditions
Bullard is a dove but he's not necessarily out alone in the wilderness. This is hurting the US dollar at the moment and helping the euro to fresh highs.
