Bullard: Fed's bond buying worked, time to raise rates
Jim Bullard, president of the Federal Reserve Bank of St. Louis, said that the Fed's bond-buying stimulus has worked better than expected and that it's time to raise interest rates faster.
The Fed's policy committee has been saying for months that it will keep rates near zero for a 'considerable time,' even after the bond-buying program ends, which it is scheduled to do this month.
'My presumption is that something will have to change,' Bullard said Thursday night after a speech to business leaders in Tupelo, Mississippi. 'I don't think we can use the existing 'considerable time' language.' He predicted the language on interest rates would change at the Fed's next policy meeting.
Good news for small banks: Bullard also said he would support less burdensome regulations on community banks.
You can see Bullard's complete slide presentation here.
Banking, Financial Services
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