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Bullard Sees ‘Classic Challenge’ While FOMC Nears Two Goals

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June 9 (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard, speaking to the Tennessee Bankers Association in Palm Beach, Florida, says the Fed “faces a classic challenge concerning the appropriate pace of monetary policy normalization,” as inflation and employment near its goals. *Unemployment has continued to decline and inflation is low but moving back toward the Federal Open Market Committee’s 2% target: Bullard *The “monetary policy stance remains far from normal, despite recent reductions in the pace of asset purchases:” Bullard *“Today, the FOMC is much closer to its macroeconomic goals:” Bullard *“The FOMC is closer to target today than it has been most of the time since 1960,” Bullard says, referring to both inflation and unemployment *Labor markets do not seem to be fully recovered and, while inflation is low, it’s moving back toward the FOMC’s target: Bullard *Debate over how quickly to return policy to normal “is likely to garner significant attention as the economy continues to improve during 2014:” Bullard

To contact the reporter on this story: Steve Matthews in Atlanta at smatthews@bloomberg.net

To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net James L Tyson