James Bullard, president of the Federal Reserve Bank of St. Louis, says one hike to a key interest rate is all that's needed right now.
Bullard's comments, delivered yesterday at the University of Arkansas, echo his previous statements on monetary policy.
Bullard's address focused on a single equation he said can "describe much of the state of the current monetary policy debate" and "how the St. Louis Fed’s new approach fits within this one-equation format."
"The bottom line," according to Bullard, is that "low interest rates are likely to continue to be the norm over the next two to three years."
Analysts widely expect the Fed to raise interest rates before the end of the year.
More: You read Bullard's complete speech, see his Powerpoint presentation and read the news release about his UA appearance right here.