Fed dove Bullard wants the FOMC statement updated
Fed dove Bullard wants the FOMC statement updated to indicate the Fed is already at or near a neutral rate (which would imply it's closer to its normalization target and has less work to do ahead). He also spent some time reflecting on trade developments, warning that the worst outcome would be implementation of tariffs with no prospect of removal, but he hopes U.S.-Sino negotiations will prove constructive and avoid that negative outcome. Bullard thinks that recent inflation data has been unsurprising, only just reviving to 2016 levels, while global growth has surprised to the upside and dented the dollar. He also supports reviewing the inflation framework every 5-years or so. He doesn't think that if Q1 GDP comes in lower than expected that it will affect the Fed's medium-term outlook. Bullard also doesn't think any major change in the jobless rate will take place by year-end. Reading between the lines on balance this is dovish, while stocks and yields meanwhile have eased lower.