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Bullard Says Fed Nearing Sufficiently Restrictive Stance

FED
  • (MNI) Aggressive Federal Reserve hikes have brought interest rates closer to a “sufficiently restrictive” level that should help bring down inflation, in part because they have helped to lower price expectations, St. Louis President James Bullard said Thursday.
  • “It now appears that the policy rate will move into the sufficiently restrictive zone during 2023,” Bullard said in prepared remarks. “During 2023, actual inflation will likely follow inflation expectations to a lower level as the real economy normalizes.”
  • The speed of rate increases last year posed some risks to financial stability, Bullard said, adding that officials’ efforts to clearly communicate their intentions to markets mitigated any such threats.
  • “The transparency with which these increases have been delivered, along with forward guidance, seems to have allowed for a relatively orderly transition to a higher level of interest rates so far,” Bullard said.
  • Link to Bullard speech: https://www.stlouisfed.org/from-the-president/spee...
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