“The First Steps Toward Disinflation in the U.S.” (Presented in Little Rock, Ark.)

July 7, 2022

Presentation (PDF) | Press Release | Photos

Inflation in the U.S. is comparable to 1970s levels, and U.S. inflation expectations could become unmoored without credible Fed action, St. Louis Fed President Jim Bullard said during a presentation to the Little Rock Regional Chamber. He noted that the Fed has reacted by taking important first steps to return inflation to the 2% target and that U.S. market interest rates have increased substantially, partially in response to promised Fed action.

Bullard’s presentation was an update to versions given on June 1 at the Economic Club of Memphis and on June 20 in Barcelona. In the July 7 presentation, he incorporated more recent data. He also added comments about the current statistical discrepancy between U.S. gross domestic product (GDP) and U.S. gross domestic income (GDI), which are providing conflicting views of recent economic conditions. He noted that the GDI measure appears to be more consistent with observed labor markets, suggesting the economy continues to grow.

The presentation took place during a two-day visit to Little Rock, Ark., as part of the St. Louis Fed’s ongoing transparency and outreach efforts across its seven-state Federal Reserve District. Bullard meets regularly with business and civic groups in the four zones that make up the District (including the Little Rock Zone) to deepen his understanding of local economic conditions.


Man in business attire stands at a lectern in front of a seated crowd in business attire.

St. Louis Fed President Jim Bullard spoke on “The First Steps Toward Disinflation in the U.S.” at a July 7, 2022, event at the Clinton Presidential Library in Little Rock, Ark. Bullard speaks at events like this one hosted by the Little Rock Regional Chamber to share his insights on the U.S. economy as well as gather views from Main Street.
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Four men and a woman in business attire sit at a conference table overlooking water.

St. Louis Fed President Jim Bullard (left) and Vice President and Regional Executive of the St. Louis Fed’s Little Rock Branch Matuschka Briggs (second from left) discussed Port of Little Rock logistics with Bryan Day, executive director of the port (center), Col. James O’Brien III, vice commander of the 19th Airlift Wing at Little Rock Air Force Base (right), and Jay Chesshir, president and CEO of the Little Rock Regional Chamber, at the Little Rock Port Authority on July 7, 2022. Bullard meets with business and civic leaders throughout the year to gain insight into economic conditions throughout the St. Louis Fed’s District.
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