James (Jim) Bullard

speaker
99 appearances 2 recordings 2 series first heard Aug 2025 last heard 27 Sep

James (Jim) Bullard’s voice in public audio — every appearance, attributed to the second.

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These numbers look to me like they're consistent with what markets were expecting.
I think markets have a reacceleration hypothesis, and I'm sympathetic with that.
So I do think
the economy will be in pretty good shape for the rest of this year and into 2026 as some of the new administration policies come online.
He used the speech to solidify expectations for 25 basis points in September.
I was expecting that anyway.
Markets were expecting that.
He leaned into the most recent labor market report, which was very soft.
And so I think that's a done deal.
He didn't say too much about beyond that, what you want to do with the October meeting or the December meeting.
I have set 100 basis points going into 2026.
So I think you could adjust as you go forward and eventually get a full 100 basis points.
But I would go slowly in order to watch the data.
And then on the framework review, I'm sure
Much earlier in the year, they had targeted that they would have the framework discussion and that they would use the Jackson Hole speech to talk about changes to the framework.
I thought those were thoughtful and they were well presented in this speech and they're about what many have speculated on.
So I think they did about as much as they can on the framework side.
Yeah, I think income and wealth distribution have become more salient topics for the Fed.
It's not that clear how much the Fed can really do providing interest rate policy for the whole economy.
If you change the rate structure, that affects everyone, not just one particular group that you might be.
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