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A Bullard in a China shop
The who can be the most hawkish Federal Reserve President continued overnight as James Bullard came out swinging, suggesting that Fed Funds may need to rise to a “neutral” rate of 3.50%, and suggesting a 0.75% rate hike along the way wasn’t out of the question. The impact of the statements was minimal in the end as it likely doesn’t reflect the views of the FOMC, yet. US bond and equity markets gyrated around unchanged in a noisy session, but ultimately didn’t move that much. Upbeat results by Bank of America being balanced out by the Bullard comments. One exception was currency markets where the US dollar ... (full story)