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In this week\u2019s episode, Jim Bullard, the president and CEO of the Federal Reserve Bank of St. Louis, joins the show to discuss his work as a Federal Reserve executive and as a researcher in monetary policy. Bullard shares his thoughts on why inflation has been so persistently low since 2008 and whether the Fed should pursue a more symmetric inflation target. He and David also discuss the Fed\u2019s plans for monetary policy in 2017. In Bullard\u2019s view, the Fed should focus on reducing its balance sheet before it turns to raising rates further. (Note: this episode was recorded on April 5, 2017) Interview transcript: https://www.mercatus.org/podcasts/04172017/macro-musings-53-james-bullard-federal-reserve David\u2019s blog: http://macromarketmusings.blogspot.com/ Jim Bullard\u2019s Federal Reserve profile: https://www.stlouisfed.org/from-the-president David\u2019s Twitter: @DavidBeckworth St. Louis Fed\u2019s Twitter: @stlouisfed Related links: \u201cComments on the FOMC's Amendments to Its Statement on Longer-Run Goals\u201d by James Bullard https://www.stlouisfed.org/on-the-economy/2016/february/bullard-comments-fomc-amendments-statement-longer-run-goals \u201cCurrent Monetary Policy, the New Fiscal Policy and the Fed\u2019s Balance Sheet\u201d by James Bullard https://www.stlouisfed.org/~/media/Files/PDFs/Bullard/remarks/Bullard_Economic_Club_of_Memphis_24_Mar_2017.pdf?la=en \u201cEverything the Market Thinks About Inflation Might be Wrong\u201d by Jon Sindreu (Wall Street Journal) https://www.wsj.com/articles/everything-the-market-thinks-about-inflation-might-be-wrong-1488796206 \u201cAs Debate Rages, Simple Analogy Shows How Fed Controls Inflation\u201d by David Beckworth (The Hill) http://thehill.com/blogs/pundits-blog/economy-budget/324054-as-debate-rages-simple-analogy-shows-how-central-banks-still-control The Dallas Fed Trimmed Mean Inflation Rate https://www.dallasfed.org/research/pce