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Fed's Bullard says inflation miss "cost" nearly $1 trillion in nominal growth

Reuters  |  ST. LOUIS 

ST. LOUIS (Reuters) - Sub-par inflation over the past five years has cost the U.S. economy nearly $1 trillion in nominal growth, St. Louis Fed President James Bullard said on Wednesday as he fleshed out a proposal for a more dynamic system of setting price increase goals. Several policymakers are encouraging the U.S. central bank to review its method for controlling inflation and consider a system that makes up for weak inflation in one year by allowing prices to rise more quickly in future years so that the overall level, over time, stays on a set path. The Fed currently aims to get annual ...

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First Published: Thu, January 11 2018. 00:14 IST