July 17, 2014
St. Louis Fed President James Bullard discussed the FOMC's macroeconomic goals and the stance of monetary policy during a Greater Owensboro Chamber of Commerce event. He noted that the macroeconomic goals are close to being met; however, the monetary policy settings are far from normal. While this mismatch is not currently causing macroeconomic problems, President Bullard said it takes a long time to normalize policy and the mismatch may cause problems in the years ahead as the economy continues to expand.
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"Rationally, let it be said in a whisper, experience is certainly worth more than theory."