Fed Is Playing ‘bad Baseball,’ Bullard Says

WASHINGTON – The U.S. central bank is playing “bad baseball” in its decision last week to hold interest rates steady, said St. Louis Fed President James Bullard. Bullard compared the Fed to a baseball team that shifted its infielders over towards one side of the diamond to defend against a pull-hitter and then never moves them back for the next batters. Like the baseball team, the Fed’s zero-rate policy was set up for a weak economy that no longer exists. “Inflation’s going to return to target and our policies are a long ways out of position compared to where we should be,” the St. Louis Fed president said. Bullard will be a voting member of the Fed policy committee next year and is a fan of the St. Louis Cardinals.