Fed’s Bullard says interest rate policy is ‘behind the curve,’ but it’s making progress
St. Louis Fed President James Bullard said the central bank is “behind the curve” on interest rates, but it’s making progress.
Bullard said a rules-based approach suggests the central bank needs to hike its benchmark short-term borrowing rate to about 3.5%.
The comments come the day after minutes from the March FOMC meeting indicated officials were close to approving a 50-basis-point rate hike but settled on 25 points.
