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Bullard Still Sees A 0.5% Inflation Overshoot As Fine For "Some Time"

FED

MNI's Policy Team points out St Louis Fed Pres Bullard's comment today that a half-point upside deviation from the Fed's 2.0% inflation target would be fine for "some time" in the context of the Fed trying to modestly overshoot in order to make up for past misses.

  • "You could miss on the high side by a half a percent for some time; that would seem to me the spirit of what we would want to achieve."
  • This hasn't changed for Bullard since the unveiling of the Fed's new avg inflation framework in Aug 2020, when he said "Inflation has run below target, certainly by half a percent, for quite a while, so it seems like you could run above for a half a percent for quite a while."
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