Fed Is Playing 'bad Baseball,' Bullard Says

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. In an interview with Business Insider, 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.