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Federal Reserve Bank of St. Louis President James Bullard said interest-rate policy should be left on hold after “unexpectedly low” price data suggested that inflation may not be on track to rise to the U.S. central bank’s 2 percent target.
“Recent inflation data have surprised to the downside and call into question the idea that U.S. inflation is reliably returning toward target,” Bullard said Monday in Nashville, Tennessee, according to the text of his prepared remarks. “The current level of the policy rate is likely to remain appropriate over the near term.’’