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8/2/23, 4:21 PM The Prospects for Disinflation in 2023 | St. Louis Fed Home > Recent Remarks and Interviews > Speeches, Presentations and Commentary From the President The Prospects for Disinflation in 2023 January 5, 2023 Presentation (PDF) | Press Release | Slide 23 Data (.xlsx) | Video St. Louis Fed President Jim Bullard presented “The Prospects for Disinflation in 2023” at an event hosted by CFA Society St. Louis. Disinflation refers to a decrease in the rate of inflation toward the Fed’s 2% inflation target. Bullard noted that GDP growth appears to have improved in the second half of 2022 and the labor market performance remains strong. Inflation remains too high but has declined recently, he added. While the policy rate is not yet in a zone that may be considered sufficiently restrictive, it is getting closer, Bullard said. In addition, front-loaded Fed policy has helped market-based measures of inflation expectations return to relatively low levels, he continued. Bullard said that these factors may combine to make 2023 a disinflationary year. Note: For an updated version of the figure on Slide 23 that has corrected data for the first six months of 2019, see Bullard’s June 2023 Regional Economist article, “Is Monetary Policy Sufficiently Restrictive?” FOLLOW US SIGN UP FOR EMAIL ALERTS Receive updates in your inbox as soon as new content is published on our website https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2023/the-prospects-for-disinflation-in-2023 1/2 8/2/23, 4:21 PM The Prospects for Disinflation in 2023 | St. Louis Fed SIGN UP QUICK LINKS About Us Legal Information Contact Us Privacy Policy Careers Doing Business with the Fed Events Federal Reserve Services Visiting the St. Louis Fed Federal Banking Regulations https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2023/the-prospects-for-disinflation-in-2023 2/2