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MNI: Bullard Says Fed's Credibility Is Stretched By Inflation

(MNI) Ottawa
(MNI)

St. Louis President says FOMC has taken "important first steps" to restore stability.

The Federal Reserve's credibility is being tested by inflation and policy makers have taken "important first steps" to settle things down, though a risk of expectations becoming unstable remains, St. Louis President James Bullard said Monday.

"Inflation in the U.S. is far above target and is at levels last seen in the 1970s and early 1980s. This situation is risking the Fed’s credibility with respect to its inflation target," Bullard's slide presentation to the AXA-Barcelona School of Economics said. The remarks titled "The First Steps toward Disinflation" didn't weigh in on if another 75bp rate increase is needed at the next decision.

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The Federal Reserve's credibility is being tested by inflation and policy makers have taken "important first steps" to settle things down, though a risk of expectations becoming unstable remains, St. Louis President James Bullard said Monday.

"Inflation in the U.S. is far above target and is at levels last seen in the 1970s and early 1980s. This situation is risking the Fed’s credibility with respect to its inflation target," Bullard's slide presentation to the AXA-Barcelona School of Economics said. The remarks titled "The First Steps toward Disinflation" didn't weigh in on if another 75bp rate increase is needed at the next decision.

Keep reading...Show less