Rising Interest Rates? Never Mind

It was always a matter of when, not if, the financial markets would tell the Fed to stop raising interest rates. And it appears the message has been received:

(MarketWatch) — A Federal Reserve official who was one of the strongest advocates of raising rates last year now believes the central bank should refrain from further boosts in borrowing costs for now.

In a speech in St. Louis on Wednesday, Federal Reserve Bank of St. Louis President James Bullard said declining interest expectations and declines in financial markets argue against further boosts in the central bank’s short-term interest rate target, which now rests at a range of 0.25% to 0.50%.

“Two important pillars of the 2015 case for U.S. monetary policy normalization have changed,” Bullard said. “These data-dependent changes likely give the [Federal Open Market Committee] more leeway in its normalization program,” he said in reference to central bankers’…

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