Fed’s Bullard opposes more U.S. rate hikes: Market News International

FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York
FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York, U.S., on February 26, 2015. REUTERS/Lucas Jackson/File Photo

August 2, 2017

(Reuters) – St. Louis Federal Reserve James Bullard is opposed to further U.S. interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed’s 2-percent goal, Market News International reported on Wednesday.

“Given the inflation outlook, which has deteriorated in 2017, I would not support further moves in the near term,” Bullard told Market News in an interview on Tuesday. “It’s possible data will turn around, but we’ll have to see. I think for now we should remain on pause.”

Bullard, who is not a voting member of Federal Open Market Committee this year, has been vocal in his stance against further rate increases as inflation has been stuck below the Fed’s inflation target.

“I don’t think we have to do anything on rates now,” Bullard told an event in London on June 29.

(Reporting by Richard Leong and Jonathan Spicer)