Bullard concerned that focus has shifted too much towards jobs and away from inflation

• Removing policy when inflation is below target is a concern and we need to have credibility when trying to get to a target
• Fed should ensure inflation doesn’t fall too low
• Policy has always been data dependant
• QE isn’t a straight line to zero
• We got some weaker data which allowed for a delay
• US economy isn’t that fragile
• Transparency can’t now be reversed
• Inflation is low and we can be patient on policy
• QE can’t be seen as ineffective after June and September meetings
• No taper, small taper was a borderline call
  
  The Federal Reserve can "afford to be patient" as it weighs when to slow asset purchases because inflation is low, St. Louis Federal Reserve President James Bullard said Friday on Bloomberg Television. Bullard said inflation running well below the Fed's 2% target is "something that should concern" the central bank's policy setting committee. The notion of "removing [monetary-policy] accommodation when [inflation is] below 2%...is a concern to me," he said. "I do think we should defend the inflation target from the downside," he said.