A potpourri of recent statements

Bullard There seems to be little risk—at least according to these estimates—that inflation would pick up appreciably from its current level solely because unemployment is low. The results shown here call into question the idea that unemployment outcomes are a major factor in driving inflation outcomes in the U.S. economy. Inflation expectations, for instance, are probably a more important determinant of inflation outcomes than unemployment. For monetary policy purposes, we should not base our notions of what will happen with inflation solely on ideas related to low unemployment. While we certainly want to keep an eye on inflation readings, there seems to…

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