Fed’s Bullard: Dissented because he feels factors behind weak inflation "unlikely" to be solely transitory
Dissented at Fed meeting because feels factors behind weak inflation "unlikely" to be solely transitory.
Wanted to cut rates as "insurance" against further declines in expected inflation and against largest than expected slowdown in economic growth.
Market-based inflation expectations have "weakened considerably" below Fed's 2 percent target.
Confident Fed will "respond accordingly" to economic developments.
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