Top
image credit: wikimedia

Fed’s Bullard says he wanted interest-rate cut as insurance against slowing economy, weaker inflation

June 21, 2019

St. Louis Federal Reserve President James Bullard on Friday said he wanted to cut interest rates this week to guard against an outlook of slowing growth and weak inflation.

In a brief statement posted on his bank’s website, Bullard said that lowering interest rates this week “would provide insurance against further declines in expected inflation and a slowing economy subject to elevated downside risks.”

The Fed voted 9-to-1 to hold its benchmark short-term rate steady on Wednesday with Bullard as the sole dissenter. It was the first dissent under Fed Chairman Jerome Powell’s tenure.

Read More on Market Watch