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Bullard Speaks with CNBC about Inflation, the Minimum Wage and Digital Currency

February 16, 2021

 

St. Louis Fed President James Bullard discussed inflation, digital currency and a proposed increase in the federal minimum wage. He spoke during an appearance on CNBC’s “Squawk Box.”

Bullard said he thinks inflation will move up this year and noted that market-based inflation expectations have moved up in the last few weeks. He added that the Federal Open Market Committee would like to miss the 2% inflation target on the high side for a while to balance the misses on the low side.

He also discussed how the proposed $15 federal minimum wage, if implemented, might lead companies to eventually replace some hiring with investing in new technology. He said he would like to see the minimum wage adjusted to account for the different labor markets across the country.

In a discussion about cryptocurrency, Bullard noted that the U.S. had privately issued currency before the Civil War, but now we have a uniform currency with the dollar. He also noted that there is already competition among currencies globally.

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