The Federal Reserve's policy shift since last year has made monetary policy...
EFFINGHAM, Ill - The Federal Reserve’s policy shift since last year has made monetary policy “considerably more accommodative” than a year ago, but world markets are likely expecting more to come, St. Louis Federal Reserve bank president James Bullard said on Monday.
Bullard, who has focused on the fact that some short-term Treasury debt yields have risen above long-term bond yields in what is sometimes seen as a sign of coming recession, noted that for now the bond “yield curve” look more normal.The Fed has cut rates twice this year, lowering its target rate to a range of between 1.75% and 2.00% at its last meeting. Top officials say they will now make decisions on a “meeting by meeting” basis, with no clear commitment to further reductions.
Bullard dissented at last week’s meeting, arguing for a deeper half point cut on the grounds that the Fed needed to do more to guard against trade risks and a steeper U.S. slowdown given signs the manufacturing sector may already be contracting.
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