Is the Fed ‘Behind the Curve’? Two Interpretations (How Monetary Policy Got Behind the Curve and How to Get Back)

Abstract: St. Louis Fed President Jim Bullard provided updated estimates of the degree to which the Federal Reserve is “behind the curve” on raising its policy rate in response to high inflation. He spoke at Stanford University’s Hoover Institution. Bullard highlighted two interpretations of “behind the curve,” incorporating more recent data since his April 7 and April 21 presentations on this topic.

Keywords: inflation; monetary policy; forward guidance;

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Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Speech

Publication Date: 2022-05-06

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