President James Bullard presented a lively lecture in April entitled, “Hawks, Doves, Bubbles, and Inflation Targets,” the latest in the series of annual George S. Eccles Distinguished Lectures that began at Utah State in 1974.
President Bullard is an economist and monetary policy scholar who has been with the Federal Reserve Bank of St. Louis since 1990 and has been president and CEO since 2008. He participates in the powerful Federal Open Market Committee (FOMC), which makes key decisions about interest rates and the growth of the U.S. money supply.
He explained the Fed’s new explicit 2% inflation target and acknowledged that keeping interest rates too low for too long might lead to bubbles down the line. He described himself as “hawkish” on inflation, favoring early action against it.