CNBC Excerpts: Federal Reserve Bank of St. Louis President & CEO James Bullard Speaks with CNBC's "Squawk Box" Today
WHEN: Today, Monday, November 4th
WHERE: CNBC's "Squawk Box"
Following are excerpts from the unofficial transcript of a CNBC interview with James Bullard, Federal Reserve Bank of St. Louis President & CEO, on CNBC's "Squawk Box." Following are links to videos on CNBC.com: http://video.cnbc.com/gallery/?video=3000214147, http://video.cnbc.com/gallery/?video=3000214146 and http://video.cnbc.com/gallery/?video=3000214132.
All references must be sourced to CNBC.
BULLARD ON SHUTDOWN
THE GOVERNMENT SHUTDOWN I DONT THINK -AT LEAST MECHANICALLY- I DON'T THINK IS GOING TO HAVE THAT BIG OF AN IMPACT ON GROWTH.
BULLARD ON INFLATION
WE COULD CITE SUBSTANTIAL PROGRESS AT ANY MEETING. HOWEVER, WE'VE GOT OTHER THINGS GOING ON. WE HAVE LOW INFLATION. THAT'S WHY I'VE BEEN WILLING TO BE PATIENT ABOUT THIS. WHAT'S YOUR HURRY? YOU DONT HAVE TO BE IN A BIG HURRY. AND I ALSO THINK WE HAVE ROOM IN THE BALANCE SHEET, WHEREAS MEANING SOME OTHERS DON'T THINK WE HAVE ROOM IN THE BALANCE SHEET.
BULLARD ON GOVERNMENT
I THINK WE CAN'T REALLY WAIT FOR THE POLITICAL SITUATION IN WASHINGTON TO BE JUST RIGHT BECAUSE, YOU KNOW, EVIDENTLY THERE COULD BE BICKERING FOREVER HERE, SO I THINK YOU DONT WANT TO PUT TOO MUCH IN THAT PARTICULAR POT.
BULLARD ON YELLEN
I THINK SHE'S VERY COMPETENT. PLENTY OF BACKGROUND IN THE FED AND CERTAINLY HER EXPERIENCE HAS BEEN TEMPERED BOTH ON THE MONETARY POLICY SIDE, ON THE BUBBLES ISSUE. SHE'S BEEN THROUGH TWO OF THOSE. ON REGULATORY ISSUES. SHE'S BEEN IN THE MIDDLE OF THAT, SO SHE'S VERY WELL PREPARED FOR THIS. GOOD RESUME FOR THIS.
BULLARD ON GOLD STANDARD
YOU PROBABLY CAN'T GO BACK TO THE GOLD STANDARD. BUT THE MODERN INCARNATION OF THE GOLD STANDARD IS TO SAY WE'RE GOING TO TARGET INFLATION, WE'RE GOING TO TELL PEOPLE WHAT WE'RE TRYING TO DO AND BE HELD ACCOUNTABLE FOR IT. YOU'RE SUPPOSED TO HIT THE INFLATION NUMBER THAT YOU CHOOSE.
BULLARD ON TAPER AND DC BICKERING
I DON'T THINK THAT WE CAN AFFORD TO WAIT TILL THE POLITICAL WATERS ARE COMPLETELY CALM BEFORE WE DECIDE TO MAKE A DECISION. SO -- I KIND OF HATE TO PUT TOO MUCH EMPHASIS ON PARTISAN BICKERING IN WASHINGTON AS SORT OF A SPECIAL VARIABLE OR SPECIAL SITUATION. YOU KNOW, IF IT'S REALLY OUT OF CONTROL, YOU KNOW, WE MIGHT PAUSE FOR JUST A MINUTE. BUT I DON'T WANT THAT TO BE DRIVING FED POLICY.
BULLARD ON DATA DEPENDENT
JAMES BULLARD: IT'S A DATA DEPENDENT POLICY. WE KNOW THAT. EVERYONE HAS BEEN SAYING THAT. WE'LL SEE HOW IT COMES IN. GOT A JOBS REPORT THIS WEEK, BUT ANOTHER ONE BEFORE THE FOMC MEETING IN DECEMBER. WE'LL SEE HOW THE DATA LOOK AT THAT POINT AND WE'LL GO FROM THERE.
BECKY QUICK: BUT YOU THINK THOSE WILL BE SKEWED NUMBERS BY THE GOVERNMENT SHUTDOWN?
BULLARD: THIS ONE WILL BE BUT IF YOU AVERAGE ACROSS THE NEXT TWO JOB REPORTS, YOU SHOULD GET AN IDEA OF WHAT'S GOING ON.
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