Research by Macroeconomic Advisers showed Bullard, seen as a policy
centrist, beat former Fed Chairman Ben Bernanke for the mantle of
most market-moving U.S. central banker, although the Fed chief had a
bigger impact on a per-speech basis.
Bullard, a voter on monetary policy last year, moved the 10-year
Treasury yield by a cumulative 29 basis points over the year, which
was marked by uncertainty about when the Fed would start to unwind
support for the economy.
Bullard rebuked colleagues for their decision in June to announce a
plan to reduce bond buying, saying inflation remained too low to
justify slowing purchases. He dissented from the majority for the
first time at that meeting. The Fed eventually announced in December
it would start to taper.
Bernanke, who left the Fed this year, racked up a cumulative impact
of 21 basis points. New Fed Chair Janet Yellen ranked well down the
table at 11 basis points, although she came in third after Bernanke
and Fed Governor Jeremy Stein in terms of impact per speech.
The research showed Yellen's remarks carried more weight once she
was nominated for the top job, with an average impact per speech of
nearly three basis points, compared with 0.5 points per speech
earlier in the year.
"This illustrates the weight the (Federal Open Market Committee)
chair carries, especially considering how little news there was in
her remarks," Macroeconomic Advisers economists wrote in a note.
The most loquacious speaker of 2013 was outspoken hawk and Dallas
Fed President Richard Fisher, with 23 speeches or interviews to
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But markets tended to shrug off Fisher's comments as holding few
clues on the future direction of policy.
"President Fisher, the most frequent FOMC speaker in 2013, was the
least impactful on a per-speech basis. His ranking likely reflects
his out-of-consensus views, which tend to provide less information
on the direction of policy," the note said.
The award for "Market Neutrality" went to New York Fed President
William Dudley, who gave nine speeches or interviews with a net
impact on bonds of only three basis points.
"There were others whose net market effects were less than President
Dudley's, but we found it remarkable that he managed to deliver
relatively market-neutral policy-relevant speeches, despite being
one of the most influential members of the FOMC," the research note
(Reporting by Krista Hughes; editing by
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