Prominent hawk James Bullard to resign as top Fed official

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President of the Federal Reserve Bank of St Louis, removing one of the most hawkish voices from the US central bank at a time of intense debate over the need for further interest rate increases. The St Louis Fed announced Thursday that Bullard would step down from his position after 15 years at the helm of the institution on Aug. 14, after which he will join Purdue University's business school as its inaugural dean. During his 33-year tenure at the Fed, Bullard established himself as an advocate for the U.S. central bank to act aggressively to quell what has become one of the most acute inflation problems it has faced in decades. He was among the first to urge the Federal Reserve to reduce its ultra-loose monetary policy in the wake of the pandemic and a vocal supporter of the central bank's extended series of big interest rate increases last year.


Voting member on the Federal Open Market Committee last year, Bullard periodically dissented on various policy decisions, most recently in March 2022, when he argued that the U.S. central bank should Job Function Email Database raise rates mid-term. point instead of quarter point. located in. In a statement Thursday, Bullard said it was "both a privilege and an honor" to work at the Fed and said the St. Louis bank was "well positioned for continued success and impact." He has recused himself from any monetary policy matters until his departure, including the next meeting at the end of the month. Officials are expected to raise the benchmark rate by a quarter point to a new target range of 5.25 to 5.5 percent. Although Bullard is not a voting member of the FOMC, his departure threatens to leave other hawks without an influential ally should they push for another rate hike at the Fed's policy meetings in the fall.



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