St Louis Fed President James Bullard said Friday that the U.S. labor market is 'very tight' and the Fed should accelerate the tapering of asset purchases.
St. Louis Fed President James Bullard said Friday he wasn’t fazed by the relatively small gain in jobs in November and wants the central bank to taper its asset purchases at a faster pace than had been planned only a month ago.
At the last meeting in November, Bullard lost that argument, and the Fed decided to go relatively slowly and taper by $15 billion per month — a pace that would end the taper program in June. On Tuesday, Fed Chairman Jerome Powell opened the door for a faster taper and many of Bullard’s colleagues now say they support ending the program in March, which translates into tapering at a $30 billion-per-month-pace.
While growth is surely going to slow next year from this year’s strong pace, the economy will still expand at “what would normally be considered a super rapid pace,” he said.
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