“The difference in macroeconomic outcomes between moving at one meeting versus another is currently small,” he added.
“The relatively minor downgrades contained in the March SEP [Summary of Economic Projections] suggest that the next rate increase may not be far off provided that the economy evolves as expected,” Bullard said.
Slides from Bullard's New York presentation. Red highlight in original:
The absurdity that the Fed is going to reverse its December rate hike, never mind going negative on rates, is becoming more obvious with each passing day. We are in the early stage of a multi-year climb in interest rates.