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FED’s Bullard Sounding Dovish, Though Not as Dovish as You Might Expect
St Louis FED president James Bullard is the most dovish FED member. He was speaking in London a while ago and made some dovish comments, as you’d expect from him. Although, given that the FED has turned quite dovish recently and cut rates twice in the last two meetings, Bullard didn’t really sound that dovish. Here are his comments:
- Decisions on future cuts will be meeting-by-meeting
- Says trade policy uncertainty factors into calculation
- Recent yield curve inversion was a warning sign
- Sees risk of inflation staying too low
- Sees risk of sharper-than-expected economic slowdown
- Could reverse rate cuts (into rate hikes) in 2020, 2021 if economy improves again (Damn, Bullard implying rate hikes)
- Zero rates, forward guidance, QE still in the playbook for “ordinary recession”
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