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12/21/22, 5:46 PM U.S. Monetary Policy: A New Risk | James Bullard | St. Louis Fed Home > Latest from President Bullard > Speeches, Presentations and Commentary From the President U.S. Monetary Policy: A New Risk June 24, 2021 Presentation (pdf) | Press Release During a virtual presentation for the Clayton Chamber of Commerce, St. Louis Fed President James Bullard said U.S. real GDP appears to have fully recovered to the pre-pandemic peak. He added that the “keep households whole” fiscal strategy has been successful and has set up households to spend as the pandemic wanes. Regarding U.S. labor markets, Bullard said they are tight according to anecdotal evidence and key labor market metrics. Bullard also talked about rising inflation. He said that inflation is likely to be meaningfully above 2% over the forecast horizon, so the Federal Open Market Committee can meet a key provision of its new policy framework with an appropriate monetary policy. “A new risk is that inflation may continue to surprise to the upside,” he said. FOLLOW US SIGN UP FOR EMAIL ALERTS Receive updates in your inbox as soon as new content is published on our website SIGN UP QUICK LINKS About Us https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2021/us-monetary-policy-a-new-risk 1/2 12/21/22, 5:46 PM U.S. Monetary Policy: A New Risk | James Bullard | St. Louis Fed 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/2021/us-monetary-policy-a-new-risk 2/2