Fed's Bullard Calls FOMC Minutes "Stale"
Tweet Send to a Friend
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."
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"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."
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Bernanke Warns Against 'Premature Tightening'
- Markets Fluctuate on Chatter of Early QE Exit by Fed
- Stocks Pull Back after Bernanke Says Worries About Financial Stability 'Increased a Bit'
Create E-mail Alert Related Categories
FedRelated Entities
FOMC Minutes, Federal Open Market Committee, James Bullard
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
