Hawkish before he was dovish, and now hawkish again, St. Louis Fed boss Jim Bullard tells Bloomberg he expects the first rate hike in Q1 of 2015, though conceding he's ahead of the pace of most of his FOMC colleagues. His "dot" for the end of 2016 is 4%-4.25%, again ahead of that of most of the FOMC members.
As for bubbles, the man who belonged to the group having no inkling of the pre-crisis housing bubble sees none now.
The 10--year Treasury yield climbs a couple of more basis points in response to Bullard's remarks, now up 4 bps on the session to 2.81%. December 2015 Eurodollar futures at 98.80 are pricing in about 100 basis points of tightening next year.
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