Current low levels of U.S. inflation are likely temporary and the risks of keeping U.S. policy rates at zero for too long “may be substantial,” Federal Reserve Bank of St. Louis President, James Bullard, said Thursday, signaling that the U.S. central bank should get on with raising rates soon. “Now may be a good time to begin normalizing U.S. monetary policy so that it is set appropriately for an improving economy over the next two years,” Mr. Bullard said in prepared remarks to the OMFIF City Lecture in Frankfurt. “Even with some normalization, policy will remain exceptionally accommodative.” He said that from his ... (full story)