The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Home > Former President Jim Bullard > Speeches, Presentations and Commentary From the President Bullard Discusses Economic Outlook, In�ation during Virtual Conference September 18, 2020 The Industrial Innovation Path to Economic Recovery from … St. Louis Fed President James Bullard discussed his outlook for U.S. GDP growth and unemployment, the Fed's move to �exible average in�ation targeting, and the possibility of seeing more in�ation in the future than before the pandemic. He spoke at a virtual conference hosted by the Boeing Center for Supply Chain Innovation at Washington University in St. Louis. Bullard noted that the unemployment rate declined dramatically from double-digit levels to 8.4% as of the last jobs report, which was for August. He said that he has penciled in an unemployment rate of 6.5% for the December jobs report. He also noted that real GDP growth in the third quarter looks like it'll be about 30% at an annual rate, which would be the biggest growth quarter of all time in the U.S. Bullard also explained what �exible average in�ation targeting means at a practical level. When in�ation runs below target for a while, the central bank would make up for that by allowing in�ation to run above target for a while, thereby hitting the 2% in�ation target on average, he noted. While in�ation has mostly been below target since 2012, he said the U.S. may start to see some in�ation in the future from several sources. Bullard also discussed the increase in federal debt as a result of pandemic relief to households and businesses, Fed actions aimed at keeping the U.S. out of a �nancial crisis on top of the pandemic, and continued adjustments made by businesses to provide their products and services safely. Having trouble with the video? Watch it here.