- He is less enamored with argument that credit conditions will tighten appreciably to send the economy into recession
- It is not that clear to him that there will be much of a pullback in lending
- He is not yet reviewed Thursday's revision to jobless claims
- Housing market still seems tight due to inventory shortages
- Inflation seem to be leveling off but wants to see it on a clear downward trend
- Fed can't declare victory too early on inflation
- Financial stress appears to have abated for now
- 85% probability that financial stress will continue to abate
- If that occurs, Fed should stick to its interest-rate path and get inflation and down while the labor market is still strong
- He continues to be hopeful inflation can be reduced this year with the labor market remaining relatively strong
Bullard is not a voting member in.