Bullard: It's the weather; economy is fine

|By:, SA News Editor

The spate of soft data hasn't budged his strong outlook for the economy, St. Louis Fed chief tells CNBC. Formerly a fence-sitter leaning hawkish, Bullard titled dovish late last year - constantly reminding too-low inflation was just as much of a worry as what economic growth was doing. He's about-faced in 2014, now leaning hawkish and taking every opportunity to tell people it's probably the weather causing the recent slowdown.

He continues to see the jobless rate falling below 6% this year. As for declining labor force participation? It's a secular trend, not cyclical, he says.

As for rate hikes, he does back off a bit, telling the team he was previously one of two on the FOMC who thought rates might rise this year, but "I'm going to have to revisit that."

Last week's release of FOMC meeting transcripts gives us a window into the scoreboard on Bullard's crystal ball, and it's not wonderful as it shows him laser-focused on inflation and hawkish both before and after the Lehman collapse in 2008.