Fed's Bullard: Continued rate hikes not justified by data

Federal Reserve Bank of St. Louis President James Bullard crossed the wires, via Reuters, arguing that the drop in 10-year yields and inflation expectations after last rate hike were a cause for concern and continued rate hikes were not justified by data.

Key quotes (via Reuters):

• Don't expect decision to draw down balance sheet will lead to a repeat of the 'taper tantrum' because expects communications to be better
• Macron win in French election does not appear to have been unexpected by markets or change his views about risks facing the U.S.
• U.S. first-quarter GDP was disappointing, puts pressure on rest of year for economy to get back to trend
• Job growth is consistent with two percent GDP growth, given size of labor force and productivity