Bullard now in the Q&A

  • Estimates of long running unemployment tending to drift lower
  • There's a lot of cross currents in monetary policy now
  • There's better ways to measure smooth inflation besides the core data
  • Would prefer headline inflation but doesn't think the FOMC agrees
  • Worries that zero rates will foster financial market excess

Bullard raises the old core vs headline argument. The issue with both is that you can use one or other when it suits, and it's not really a problem. The core does a good job of stripping out the noise