I may be reading too much into this, but it´s worth a chart.
On October 9 Bullard mused:
Right now, “the markets are making a mistake” and expect the Fed to maintain its ultra-easy policy stance longer than Fed officials themselves currently expect, Mr. Bullard said. When it comes to these expectations, “I would prefer that those be better aligned than they are.”
And one week later, on the 16th he pulled on “sheep clothes”:
The Federal Reserve may want to extend its bond-buying program beyond October to keep its policy options open given falling U.S. inflation expectations.
The markets “reaction”:
Having been sent only the second piece, Scott Sumner refers to JB thus:
I don’t always agree with Bullard, but to his credit his views are always data driven. He’s an important swing vote at the Fed, as he’s one of the moderates.
And the market “swings” along!