Bullard: Boom times ahead
Leading Fed hawk Jim Bullard doesn't disappoint his fans, saying now is the time to begin hiking interest rates.
He draws attention to a couple of mismatches between what the market is thinking and where the Fed is at. First, markets don't expect the Fed Funds rate to top 50 basis points until 2016 Q1 - later than the Fed's most recent projections.
Second is unemployment. Not only has the headline unemployment rate fallen faster than the Fed has forecast, but it's entirely possible it will continue to do so. We're heading to "boom times," says the St. Louis Fed boss, seeing headline UE dropping below 5%.
Presentation slides
Bullard is not a voter on the FOMC this year.
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