Bloomberg Talks Former St Louis Fed President Jim Bullard Talks Warsh's Nomination Process
Mar 11, 2026
Jim Bullard, former St. Louis Fed president and macroeconomist, gives a candid take on the stalled Fed nomination process and timing of renomination. He discusses how oil shocks today differ from the 1970s. He explains why core inflation, not headline spikes, drives policy and why immediate Fed moves seem unlikely.
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Fed Nomination Process Is Stalled
- The Fed nomination process is effectively stalled until a political deal is reached.
- Jim Bullard says no new Fed board members are likely soon and the administration will have to broker a resolution for nominations to proceed.
Oil Shock Different From 1970s
- Oil price shocks matter less now because the U.S. is a leading oil producer and the Fed looks through such shocks.
- Bullard contrasts today's shock with the 1970s, noting supply-side offsets and the Fed's focus on core inflation.
Inflation Expectations Matter More Than Oil
- The Fed prioritizes inflation expectations and core inflation over headline oil-driven moves.
- Bullard warns the key risk is rising expectations that the Fed would accommodate shocks, which would matter more than direct oil price effects.