Fed's Bullard Calls FOMC Minutes "Stale"
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Speaking on CNBC Thursday morning, St. Louis President James Bullard said the FOMC minutes were no longer relevant because of recent, positive economic data in the U.S. and the rally in the stock market. Yesterday's FOMC minutes from the July 31st-August 1 meeting suggested additional easing would be coming "fairly soon."
"The minutes are a bit stale," Bullard said in a CNBC interview. "We have some data since then that is stronger."
Bullard, who is not a voting member of the FOMC, sees growth reaching 2 percent later this year.
"If we were to resume, and I think we will, 2 percent growth, maybe a bit stronger than that in the second half of the year, unemployment ticks down through the rest of the year, that's not a great outcome but that's a good enough outcome to keep us on hold," he said.
He also poured cold water on the idea of a big move by the Fed.
"Probably the best thing to talk about here is what would that action really be," he said. "I think the markets have the idea of some gigantic action. I'm not sure if the data really warrants that."
"The minutes are a bit stale," Bullard said in a CNBC interview. "We have some data since then that is stronger."
Bullard, who is not a voting member of the FOMC, sees growth reaching 2 percent later this year.
"If we were to resume, and I think we will, 2 percent growth, maybe a bit stronger than that in the second half of the year, unemployment ticks down through the rest of the year, that's not a great outcome but that's a good enough outcome to keep us on hold," he said.
He also poured cold water on the idea of a big move by the Fed.
"Probably the best thing to talk about here is what would that action really be," he said. "I think the markets have the idea of some gigantic action. I'm not sure if the data really warrants that."
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