Fed's Bullard Seems to Be Out on an Island

Yesterday St. Louis Fed President James Bullard delivered a presentation titled "The Role of the Fed's Balance Sheet for the U.S. Monetary Policy Outlook." Bullard is always an interesting read as he is both thoughtful and often contrarian. I also appreciate his willingness to change his mind when presented with new evidence. He has been among the more hawkish and more dovish Federal Open Market Committee (FOMC) members at different moments. This speech grabbed headlines for his case against rate hikes and for reducing the balance sheet. More interesting than his case, though, is why exactly no one else on the FOMC agrees.

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