More from Bullard: Ready to be data dependent with an open mind on whether to pause

More from Fed's Bullard:

• Recent drop in market interest rates probably "swamping" impact of any credit tightening from bank stress.
• Ultimate impact of bank stress on economy will be small.
• Wall Street Wall Street Wall Street is part of the Financial District in New York City and one of the most iconic streets in the world. It is synonymous with US financial markets, and home to the world’s two largest stock exchanges by market capitalization – the New York Stock Exchange and NASDAQ.The area is also home, be it presently or historically to many other key exchanges. This includes the New York Mercantile Exchange, the New York Board of Trade, the New York Futures Exchange (NYFE), and the former American Sto Wall Street is part of the Financial District in New York City and one of the most iconic streets in the world. It is synonymous with US financial markets, and home to the world’s two largest stock exchanges by market capitalization – the New York Stock Exchange and NASDAQ.The area is also home, be it presently or historically to many other key exchanges. This includes the New York Mercantile Exchange, the New York Board of Trade, the New York Futures Exchange (NYFE), and the former American Sto Read this Term "glued" to transitory inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term story, not prepared if inflation persists and Fed has to do more with rates.
• Aggressive policy has stemmed the rise of inflation, but not clear it has put inflation on a clear downward path.
• Jobs report suggests consumption will remain strong and there is plenty of room to fight inflation now.
• Policy at "low end" of restrictive zone, not yet clear if restrictive enough for a downward inflation path.
• Thinks Fed will have to "grind higher" on rates due to slower decline in inflation than others.
• Ready to be "data dependent" with an "open mind" on whether to pause or hike at June meeting.
• Jobs report "impressive" in terms of employment growth, still a long way from balance in the labor market.

He is getting closer to his end....He is thinking about thinking about an end at least.

Dow Industrial Average is now up 600 points or 1.81%. The S&P is up 84 points or 2.05% and the NASDAQ index is up 290 points or 2.44%.