Still it’s a big economy, it’s a growing economy. And I think the devaluation and some of the recent news which has been softer out of China is making people put more weight on that kind of interpretation that the actual growth rate might be somewhat less than the reported growth rate. A lot of people are wondering whether the 7 percent growth rate is real or the actual growth rate is something less than that.
outlook: “Anecdotal reports that I’ve received from businesses in the Eighth District but around the country that have business in China tend to be downbeat relative to where they were, and I think that’s probably affecting market sentiment. On assessment of China and impact on U.S. and inflation in the U.S., and then some on financial stability.” On data-dependent policymaking: “There will be an assessment at the September meeting, which will be mostly centered, I think, on labor market prospects, and cumulative progress on labor markets, growth prospects going forward in the U.S. Regarding the timing of liftoff: “No decision has been made.” I would probably be more sanguine than the market in that dimension.” I know there are a lot of worries about global growth, a lot of it coming from China. I’m not sure I’d have exactly the same assessment as the market’s having. They’re trying to assess the trends in the global economy, and we’re also trying to assess the trends in the global economy, and so in that sense, we’re looking at the same things.
On equity markets and Fed decision-making: “Equity markets are forward looking. Having trouble with the audio? Download the MP3. 21, 2015, with Jeremy Schwartz and Jeremy Siegel on Wharton Business Radio on Sirius XM, President Bullard shared his views on monetary policy and the U.S.
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