Market news
30.07.2021, 13:54

St. Louis Fed president Bullard: Fed should start taper in autumn

  • Says Q2 GDP report was very good on the whole
  • Says he still expects 7% growth this year
  • Says he expects above-trend growth "for quite some time" in US
  • Productivity seems much higher and technology is helping that
  • There is 'overwhelming' anecdotal evidence of tight labor markets in US, seeing offers of hiring bonuses and other benefits
  • Jobs could be fully recovered by next summer, which would meet Fed's condition for raising rates
  • The criteria for labor market recovery will be met sooner than many expect even under benign assumptions about growth
  • This year's inflation is enough to make up for some of the past downside misses; Fed should "declare success" on meeting average inflation target
  • Fed is coming up a little short in preparing for a possible high inflation shock
  • Fed should start taper in autumn and go "fairly rapidly" to end taper by the end of Q1
  • Ending the taper in early 2022 would open the way for a rate increase if needed
  • Financial markets are well prepared for taper

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