Fed's Bullard on dissent: Feels that factors behind weak inflation unlikely to be transitory

St Louis Fed president, James Bullard, issues a statement on his dissent towards the FOMC rate decision

• Says that he feels rate cut was most appropriate option
• Wanted to cut rates as "insurance" against further expected declines in inflation
• Also against the largly expected slowdown in economic growth
• Says that market-based inflation expectations have weakened considerably below the Fed's 2% inflation target

One of the lesser talked about topics after the FOMC meeting was Bullard dissenting the decision to keep rates on hold and instead opting for a rate cut. Then again, he is the most dovish member of the voting board this year so it doesn't come as a surprise.