Data Doesn’t Justify Rate Hikes – Bullard

The U.S. Federal Reserve should defer on its rate hike agenda until concrete reforms emerge from Washington, according to one of its key policy makers.

James Bullard, president of the St. Louis Federal Reserve, told CNBC Friday that weak data has undermined the Fed’s hawkish stance and the central bank should take a more reactionary approach if and when it sees solid signs of growth.

“The Fed can afford to wait and see what comes out of the political process,” said Bullard, who admitted he has retreated from his formerly more hawkish stance.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.