Regional President Speech

Home > Former President Jim Bullard > Speeches, Presentations and Commentary From the President Bullard Discusses Economic Outlook, In�ation during Virtual Conference September 18, 2020 The Industrial Innovation Path to Economic Recovery from … St. Louis Fed President James Bullard discussed his outlook for U.S. GDP growth and unemployment, the Fed's move to �exible average in�ation targeting, and the possibility of seeing more in�ation in the future than before the pandemic. He spoke at a virtual conference hosted by the Boeing Center for Supply Chain Innovation at Washington University in St. Louis. Bullard noted that the unemployment rate declined dramatically from double-digit levels to 8.4% as of the last jobs report, which was for August. He said that he has penciled in an unemployment rate of 6.5% for the December jobs report. He also noted that real GDP growth in the third quarter looks like it'll be about 30% at an annual rate, which would be the biggest growth quarter of all time in the U.S. Bullard also explained what �exible average in�ation targeting means at a practical level. When in�ation runs below target for a while, the central bank would make up for that by allowing in�ation to run above target for a while, thereby hitting the 2% in�ation target on average, he noted. While in�ation has mostly been below target since 2012, he said the U.S. may start to see some in�ation in the future from several sources. Bullard also discussed the increase in federal debt as a result of pandemic relief to households and businesses, Fed actions aimed at keeping the U.S. out of a �nancial crisis on top of the pandemic, and continued adjustments made by businesses to provide their products and services safely. Having trouble with the video? Watch it here. 

James Bullard (2020, September 17). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_20200918_james_bullard

@misc{wtfs_regional_speeche_20200918_james_bullard,
  author = {James Bullard},
  title = {Regional President Speech},
  year = {2020},
  month = {Sep},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_20200918_james_bullard},
  note = {Retrieved via When the Fed Speaks corpus}
}