Fed's Bullard (dove, FOMC non-voter in 2014): Taper has gone better than expected
- FOMC not yet decided on prodedure once balance sheet returns to normal.
- Discussed with the FOMC need for regular press conferences.
- Exit most difficult part of Fed's role, more discussions required.
- Weather impact on economy should lift this spring; winter impact to be seen in spring data.
- Sees low real US rates for a while to come.
- US farm prices plateaued due in part to softer commodity prices.
- Farm sector seems able to adjust to lower land prices.