December 9, 2013
St. Louis Fed President James Bullard discussed the data dependency of tapering, possible changes to forward guidance and improving Fed communications at a meeting of the CFA Society of St. Louis. Bullard said that data dependence encompasses both cumulative progress in labor markets since the FOMC's asset purchase program began and a judgment concerning the sustainability of that progress, although he also noted that inflation continues to surprise to the downside.
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"Rationally, let it be said in a whisper, experience is certainly worth more than theory."