Jackass of the Year Award goes to Fed's Bullard

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Covertibility

Start with:

Fed’s Bullard still favors 4 rate hikes in 2016 even with receding inflation goal


Bullard Sees Case for April Hike as Inflation Set to Pick Up


And there are probably more articles but you get the idea.


Now, today:

Over the next 2.5 years, his St Louis Fed forecasts for real output growth of 2 percent, an unemployment rate of 4.7 percent, and trimmed-mean PCE inflation of 2 percent.

Also the Fed Funds rate should be 0.63% through the end of 2018.

Which prompted :
It's time for the Federal Reserve to fire James Bullard
 
Covertibility said:
Start with:

Fed’s Bullard still favors 4 rate hikes in 2016 even with receding inflation goal


Bullard Sees Case for April Hike as Inflation Set to Pick Up


And there are probably more articles but you get the idea.


Now, today:

Over the next 2.5 years, his St Louis Fed forecasts for real output growth of 2 percent, an unemployment rate of 4.7 percent, and trimmed-mean PCE inflation of 2 percent.

Also the Fed Funds rate should be 0.63% through the end of 2018.

Which prompted :
It's time for the Federal Reserve to fire James Bullard
More...
I'm sorry, I must have missed your forecast.
 
Rent not healthcare. Building more housing should alleviate the continual rise in rents. Rate hikes would slow the housing build.

fredgraph.png


Notice when real GDP swan dives below 2.5% in the past it marked a weak economy heading into a recession. Since the Great Recession, this economy has trouble staying above that mark yet the Fed wants to raise rates.
 
upload_2016-7-20_9-5-12.png


Most other recoveries were in the +5% range. We can't even break 3% after one of the steepest declines since WWII.
 
fredgraph.png


Q2 GDP 1.2% vs expectations of 2.6%
Q1 GDP revised downard to 0.8% vs 1.1%

Wednesday's Fed Statement: "Near-term risks to the economic outlook have diminished."
Today: "Aww shit."
 
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