St. Louis Federal Reserve President James Bullard said Thursday the central bank still has a lot of work to do before it brings inflation under control.
Even using assumptions he characterized as "generous" regarding the progress the Fed has made so far in its inflation fight, he noted that "the policy rate is not yet in a zone that may be considered sufficiently restrictive."
The consumer price index, the annual pace is down to 7.7%, off the 41-year high but still well above the Fed's 2% target. Another measure Fed officials prefer has core inflation, excluding food and energy, at 5.1% annually, but that is still out of line with the goal.
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