by Pam Martens and Russ Martens, Wall Street on Parade:
Since the depths of the financial crisis in 2008 and 2009, James Bullard, President of the Federal Reserve Bank of St. Louis, has been talking up a storm and moving markets. On multiple occasions, however, after Bullard has talked up tightening, he’s had to backtrack and urge easier monetary policy as the U.S. economy wilted back into subpar GDP growth.
Yesterday, at a presentation to the annual Hyman P. Minsky “Conference on the State of the U.S. and World Economies,” Bullard made a case for the Fed raising interest rates sooner than the markets expect. Among the key points presented in his slide presentation were that “U.S. labor markets have been improving at a rapid pace over the last year,” and “U.S. GDP growth prospects remain relatively robust.”
Dow Jones’ MarketWatch called Bullard “a leading hawk on the Federal Reserve” in its report yesterday on his talk. But Bullard is actually an enigma at the Fed, vacillating between dove and hawk on a regular basis depending on what the data is showing about the recovery.
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