HALISTER1: Fed’s Kashkari: ‘We’ve Been Wrong�™ on Data for Last Few Yrs

Fed’s Kashkari: ‘We’ve Been Wrong’ on Data for Last Few Yrs

(Bloomberg) -- “All of us look at the data and the data is unmistakable for the last few years: we’ve been wrong,” Minneapolis Fed Pres. Neel Kashkari said.
  • Fed needs to pay attention to extent that world affects U.S. economy, Kashkari said Fri. at event in St. Louis, also featuring St. Louis Fed Pres. James Bullard
    • U.S. central bank pays close attention to USD, yet isn’t actively targeting it; USD can be headwind “and work against us”
    • Can learn from experience of Japan; “we know enough now to question” that BOJ got things wrong and that’s why Japan stagnated
  • NOTE: Kashkari, a former Pimco executive and Treasury official who oversaw TARP program, votes on FOMC in 2017
  • NOTE: Bullard gave presentation Fri. similar to one he gave on July 12, says he’s been sliding more dovish and inflation is “an upside risk at this point”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Neel Kashkari (Federal Reserve Bank of Minneapolis)
James Bullard (Federal Reserve Bank of St Louis/MO)

Topics
BGOV Finance

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