Fed’s Bullard: First rate hike could come in March


  • Fed now in a good position to address inflation with hikes and if balance sheet runoff is needed
  • Expects omicron infections to peak late this month
  • Recent inflation shock means Fed’s average 2% target should be met for next several years
  • Focus on returning US labor force participation rate to pre-pandemic levels ignores trend decline

The debate on the labor force is a good one. I struggle to believe the US can’t lower it, given the similar demographics with Canada.



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