Fed's Bullard (dove, voter): Opportunity for normalizing rates has now closed; FOMC is already sufficiently preemptive on inflation
- Markets see inflation below the Fed's 2% target in 2019
- Yield curve signals to the Fed that it should moderate normalization
- Weaker China data may be feeding into views over slowdown in the US
- Market fear is that a modest slowdown will turn to a more significant slowdown