Protesting Too Much

St. Louis Federal Reserve President James Bullard visited my city of San Diego on Friday and told us that the pace of economic recovery this year has been “disappointing” (no surprise there) and if the economy continues to weaken the Fed could ease monetary policy still further.  He even forcefully pointed out that he didn’t “think the Fed is out of ammunition by any stretch of the imagination.”  Protests notwithstanding, what everyone connected to the Fed is now saying – without saying directly – is that the Fed is indeed out of bullets.

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