Federal Reserve Bank of St. Louis President James Bullard discussed “Current Monetary Policy, the New Fiscal Policy and the Fed’s Balance Sheet” at a meeting of the Economic Club of Memphis on Friday. During his presentation, Bullard shared his views on the state of the U.S. economy and how it affects his outlook for the policy rate (i.e., the federal funds rate target). “The U.S. economy has arguably converged to a low-real-GDP-growth, low-safe-real-interest-rate regime,” he said, adding that it is unlikely to change dramatically in 2017. “Because of this, the Fed’s policy rate can remain relatively low while still ... (full story)