Probably the most sensible comment I've ever heard from him...ever
- Fed shouldn't hike when inflation expectations are falling
- Fed is still accommodative
- Wants Fed to edge towards more normal rates so is not stuck
- Sees neutral policy rate of 2% or higher
- Market pricing is more dovish than dot plot
- Key question is if Sep medians are a promise
- FOMC does not want median forecast to be commitments
- Sees slow but good growth in 2016
Bullard continues to channel hop for his interviews.
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