Bullard: Fed's framework review unlikely to produce 'large' change

LOUISVILLE, Ky (Reuters) - The Federal Reserve's review of how it conducts monetary policy is unlikely to lead to a wholesale change in the central bank's approach, St. Louis Federal Reserve president James Bullard said on Thursday.

The Fed has been contemplating, for example, whether it should commit to higher inflation to "make up" for the long periods when it has fallen short of its 2% target. But the Fed "does not really have a vehicle for expressing a really large change in monetary policy," Bullard said. "Some of the ideas that have come up will start to influence policy slowly over time...but not so much that we are going to write it in stone."

(Reporting by Howard Schneider; Editing by Andrea Ricci)

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