Federal Reserve Bank of St. Louis President James Bullard said he felt the proposed amendment to the Federal Open Market Committee's Statement of Longer-Run Goals was "insufficiently forward-looking and therefore potentially confusing," so he dissented.
The sentence in question is: "The Committee would be concerned if inflation were running persistently above or below this objective."
He stressed, "I agree with the rest of the statement and only opposed this proposed amendment."
Bullard agreed with the addition of symmetric ton the phrase this inflation goal. But, since the statement of longer-run goals is reviewed once per year, it "has a weighty status. For this reason, I felt it was particularly important to get the language to reflect as accurately as possible the nature of inflation targeting in the U.S. and that the '… were running …' sentence fell short of meeting this objective," he said in a post on the Bank's
