Bullard Says Fed Surprised by Inflation on Downside

The transcript discusses the current economic situation, focusing on interest rates, unemployment, and inflation. Initially, there was a possibility of another rate hike, but low unemployment hasn't led to higher inflation as expected. The Federal Reserve is surprised by the lower-than-expected inflation, leading to a reevaluation of their policies. The discussion highlights the importance of data dependency in making future economic decisions, with predictions indicating core inflation will remain below target by the year's end.

What factors are influencing the Federal Reserve's decision on rate hikes?

What does the speaker suggest about waiting for data before making decisions?