Fed 'very close' to adopting inflation target, says Bullard

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James Bullard, president of the St Louis Federal Reserve, has given the clearest indication yet that the Fed intends to introduce an explicit inflation target to help communicate more clearly its long-term strategy for monetary policy.

In an interview with Bloomberg on Thursday, Bullard, said: "We are very close to having inflation targeting in the US. As you know chairman Ben Bernanke has worked very hard on the issue the whole time he has been on the Federal Open Market Committee [FOMC]. This

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