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In the text of comments delivered to an audience in
Frankfurt, St. Louis Fed President Bullard said doing that would
direct policy "so that it is set appropriately for an improving
economy over the next two years."
He said that the U.S. economy had normalized, adding: "Even with
some normalization, monetary policy will remain exceptionally
accommodative."
Bullard is not a voting member on the Fed's policy setting
committee this year, but does take part in regular policy
deliberations. He has long called for the Fed to hike its key
rate sooner rather than later.
Bullard said the recent decision by the U.S. central bank to
remove a reference to being "patient" on rates from its policy
statement made a return to 'standard' policy making possible.
"By removing 'patient', the ... (Federal Open Market Committee)
can return to more standard monetary policy decision-making,
under which an appropriate policy rate is decided at each
meeting."
Nearly all Fed officials expect the Fed to raise rates sometime
this year, but exactly when is a subject of debate.
(Reporting By John O'Donnell; editing by John Stonestreet)
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