Remarks by James Bullard, president of the Federal Reserve Bank of St. Louis, during a televised interview have drawn fire from an activist group that’s pressed the nation’s central bank to keep interest rates low.
Missouri-based Fed Up had attended an annual central banking conference in Jackson Hole, Wyo., to push for keeping interest rates low and for further economic stimulus to help blacks and Hispanics, who have higher levels of unemployment.
Bullard, speaking Friday on CNBC, noted that Facebook co-founder Dustin Moskovitz funds Fed Up and so he should attend the conference himself. Bullard also said Moskovitz’s funding of the group raised questions for him about Fed Up’s motives.
Missouri-based Fed Up organizer Derek Laney said in a statement Bullard’s comments “insulting, condescending and dismissive” of the hundred or so activists in attendance.