MNI BRIEF: Fed's Bullard Stepping Down To Lead Biz School

St. Louis Federal Reserve President James Bullard, an outspoken and prominent official, said Thursday he's stepping down after 15 years as a policymaker and many more as a research economist to take a new job leading a Purdue University business school.

Bullard was among the earliest officials to warn that the Fed needed to become more proactive against a burst inflation, although recent figures suggest the trend is gradually improving. In March of last year he dissented against the Fed decision to raise rates 25 basis points, arguing instead for a 50bp increase, and he also dissented in September 2019.

"Bullard stepped down from his position as president and CEO today but will remain available to the Bank’s leadership in an advisory capacity until Aug. 14 to help ensure a smooth transition. He has recused himself from his monetary policy role on the Federal Reserve’s Federal Open Market Committee and other related duties and has ceased all public speaking," the St. Louis Fed said. The day after Bullard leaves the Fed he becomes inaugural dean of the Mitchell E. Daniels Jr. School of Business at Purdue.

Bullard has spent much of his life researching monetary policy and is likely to continue doing so in his new academic role. He is a major proponent of central bank transparency and enjoys airing out dissenting views in many Q&As around the country and the world.