Fed Should Strip 'patient' Out Of Statement In March: Bullard

The Federal Reserve should remove the guidance that it will be "patient" about hiking short-term rates at its next meeting in March, said James Bullard, the president of the St. Louis Fed, on Tuesday, according to the Wall Street Journal. Fed officials have said "patient" is a signal the central bank will wait for two policy meetings, or 12 weeks, to hike rates. Bullard, who is not a voting member of the Fed policy committee this year, has been pressing for a quick rate hike since last fall. In a speech at the University of Delaware, Bullard said it would be wise for the Fed to "break the ice" with the first rate hike and then pause to see how the economy responds.