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2022-11-18

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Fed’s Bullard Says More Hikes Needed to Get to Restrictive Level

Policy rules that he presents show 5%-7% restrictive ratesTightening has had limited effect on infla

Fed’s Bullard Says More Hikes Needed to Get to Restrictive Level

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The calculation used different versions of a Taylor Rule, a popular monetary policy guideline developed by Stanford University’s John Taylor. That compares with the current 3.75% to 4% target level of the Fed’s benchmark rate, which it reached earlier this month.</p><p>The St. Louis Fed leader, who has been among the more hawkish of policy makers this year, was the latest central banker to call for additional action. The Fed raised rates by 75 basis points on Nov. 2 for the fourth straight time as part of its most aggressive tightening since the 1980s to curb an inflation rate at a four-decade high.</p><p>“Thus far, the change in the monetary-policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023,” Bullard said.</p><p>Bullard in his prepared comments didn’t say whether he would favor a 50 or 75 basis-point move at the Fed’s Dec. 13-14 meeting. A number of his colleagues have called for a downshift in the size of the next rate increase following last week’s consumer price report, which showed a softening in core consumer goods inflation.</p><p>“It is possible that increased financial stress could develop,” Bullard said. However, the transparency with which these policy rate increases have been delivered, along with forward guidance, “seems to have allowed for a relatively orderly transition to a higher level of interest rates so far,” he said.</p><p>Bullard said the St. Louis Fed’s financial stress index is so far indicating a relatively low level of financial stress, despite the sharp increase in rates this year.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed’s Bullard Says More Hikes Needed to Get to Restrictive Level</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The calculation used different versions of a Taylor Rule, a popular monetary policy guideline developed by Stanford University’s John Taylor. That compares with the current 3.75% to 4% target level of the Fed’s benchmark rate, which it reached earlier this month.The St. Louis Fed leader, who has been among the more hawkish of policy makers this year, was the latest central banker to call for additional action. The Fed raised rates by 75 basis points on Nov. 2 for the fourth straight time as part of its most aggressive tightening since the 1980s to curb an inflation rate at a four-decade high.“Thus far, the change in the monetary-policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023,” Bullard said.Bullard in his prepared comments didn’t say whether he would favor a 50 or 75 basis-point move at the Fed’s Dec. 13-14 meeting. A number of his colleagues have called for a downshift in the size of the next rate increase following last week’s consumer price report, which showed a softening in core consumer goods inflation.“It is possible that increased financial stress could develop,” Bullard said. However, the transparency with which these policy rate increases have been delivered, along with forward guidance, “seems to have allowed for a relatively orderly transition to a higher level of interest rates so far,” he said.Bullard said the St. Louis Fed’s financial stress index is so far indicating a relatively low level of financial stress, despite the sharp increase in rates this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}