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 "glued" to transitory inflation 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%.