from Zero Hedge
Moments ago, during an interview on Wharton Business Radio, St. Louis Fed president James Bullard, who recently flipped from the Fed’s biggest hawk to its more vocal dove, said that he sees just one rate interest in the next few years. Judging by the market action ever since the February lows, he is merely confirming what the market already knows. He also confirmed that the Fed will never hike rates at a time when even one recent economic data point has printed negative, saying “the right time to move rates is after good economic news.”
More troubling was his admission that the Fed is now helpless to fix America’s biggest problem, namely the ongoing decline in productivity by saying the Fed “can’t influence US productivity growth rate.”