The WSJ reports:
Federal Reserve Bank of St. Louis President James Bullard said that by the yardstick the U.S. central bank adopted ahead of its latest round of bond buying, it should likely be quite near to raising interest rates.
“A policy rate liftoff in the first quarter of next year would exhibit considerable patience relative to the plans laid out in September 2012,” Mr. Bullard said in slides to accompany a presentation he was to make Thursday evening in Tupelo, Miss. He added, “a liftoff date at the end of the first quarter of 2015 would already be well past what is called for by a standard monetary policy rule.”
Macroeconomic outcomes have exceeded expectations, yet the Committee has not proceeded with liftoff,” which Mr. Bullard attributed to central bankers being patient with the economy.
I wonder: did Bullard think he was doing “stand-up comedy”?