Feds Bullard: Direct links of Ukraine/Russia is minimal


Fed’s Bullard is chirping. The 2022 voting member and hawk says:

  • The direct links between Ukraine/Russia to the US economy is minimal
  • He would like to see 100 bp rise by July 1
  • Would like to see balance sheet reduction by July 1
  • Sees core PCE at 3.5% at the end of the year
  • Fed policy has more work to do in H2 2022
  • Sees 2022 GDP growth in 3.5% to 4% range
  • See unemployment falling to 3.0%

His projections on the economy are generally better than the FOMC central tendency (GDP is not higher). The Fed’s central tendencies show:

  • Core PCE 2.5% to 3.0%
  • Unemployment 3.4% to 3.7%
  • GDP 3.6% to 4.5%


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