James Bullard

James B. Bullard
Born	James Brian Bullard Template:Birth year and age
Nationality	American
Occupation	Economist, academic, central banker
Title	Dean of the Daniels School of Business, Purdue University
Employer	Purdue University
Known for	President of the Federal Reserve Bank of St. Louis (2008–2023)

James Brian Bullard (born 1961) is an American economist who served as the 12th president and chief executive officer of the Federal Reserve Bank of St. Louis from 2008 to 2023, making him one of the longest-serving regional Fed presidents of his era. A prominent voice in American monetary policy debates, Bullard became known during his tenure for his research-driven approach to central banking and his advocacy for nominal GDP targeting as a framework for optimal monetary policy. Following his departure from the Federal Reserve System, Bullard transitioned to academia, assuming the role of dean at Purdue University's Daniels School of Business. In 2025, he emerged as a leading candidate in the search for the next chair of the Federal Reserve, engaging in discussions with U.S. Treasury Secretary Scott Bessent about the position. Throughout his career, Bullard has contributed extensively to the academic literature on monetary economics and has been a frequent commentator on Federal Reserve policy, interest rate decisions, and macroeconomic conditions in the United States.

Early Life

James Brian Bullard was born in 1961 in the United States. Details regarding his upbringing and family background are not extensively documented in publicly available sources. What is known is that Bullard developed an early interest in economics, which led him to pursue advanced study in the field and ultimately shaped a career that would place him at the center of American monetary policy for more than three decades.

Education

Bullard pursued his education in economics, earning a doctorate in the field from Indiana University. His academic training provided the foundation for a career that would bridge the worlds of economic research and practical central banking. His doctoral work focused on macroeconomics and monetary theory, subjects that would define his professional contributions at the Federal Reserve Bank of St. Louis and beyond.

Career

Federal Reserve Bank of St. Louis

Bullard joined the research division of the Federal Reserve Bank of St. Louis in 1990, beginning what would become a more than three-decade association with the institution. He rose through the ranks of the bank's research department, establishing himself as a productive scholar whose work addressed fundamental questions in monetary economics, learning in macroeconomic models, and the design of monetary policy rules.

In 2008, Bullard was appointed president and chief executive officer of the Federal Reserve Bank of St. Louis, succeeding William Poole. His appointment came at a critical juncture in American economic history, as the financial crisis of 2007–2008 was unfolding and the Federal Reserve was deploying extraordinary measures to stabilize the financial system and support economic recovery. As president of one of the twelve regional Federal Reserve Banks, Bullard participated in the Federal Open Market Committee (FOMC), the body responsible for setting the nation's monetary policy, including decisions on the federal funds rate and unconventional policy tools such as quantitative easing.

During his tenure, Bullard became known for his willingness to stake out positions that sometimes diverged from the consensus of the FOMC. He was an early proponent of the view that the Federal Reserve needed to be attentive to the risk of a Japanese-style deflationary trap following the financial crisis. He argued that prolonged periods of near-zero interest rates could lead to undesirable low-inflation outcomes if the central bank did not act decisively. This perspective drew on his academic research and placed him in the center of debates about the appropriate pace and magnitude of monetary accommodation in the post-crisis period.

Bullard also became a prominent advocate for nominal GDP targeting as a framework for monetary policy. In a paper published through the Federal Reserve Bank of St. Louis, titled "Optimal Monetary Policy for the Masses," Bullard and co-authors studied nominal GDP targeting as optimal monetary policy in a model with credit market frictions, arguing that such an approach could deliver better outcomes for a broad range of economic agents compared to traditional inflation-targeting regimes. This research contributed to broader policy discussions about whether the Federal Reserve should adopt alternative targets to its dual mandate of maximum employment and stable prices.

Throughout his presidency of the St. Louis Fed, Bullard was considered one of the more intellectually active regional bank presidents, frequently publishing research and delivering speeches on topics ranging from the neutral rate of interest to the impact of technological change on the labor market. He served in the role until 2023, when he stepped down to pursue opportunities in academia.

Academic Career at Purdue University

Following his departure from the Federal Reserve Bank of St. Louis, Bullard was appointed dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University. In this role, he brought his extensive experience in monetary policy and central banking to the academic environment, overseeing one of the major business schools in the Midwestern United States. His transition from central banking to academia followed a path taken by several former Fed officials who have moved into university leadership and research positions after their service.

Candidate for Federal Reserve Chair (2025)

In 2025, Bullard emerged as a prominent candidate in the search for the next chair of the Board of Governors of the Federal Reserve System. In August 2025, Bullard publicly confirmed that he had spoken with U.S. Treasury Secretary Scott Bessent about the Federal Reserve chair position. The discussions were part of a broader search process led by the Treasury Department to identify potential successors to the existing Fed leadership.

On August 12, 2025, Bullard appeared alongside Stephen Miran, another contender for a position on the Federal Reserve Board, at a public event where both stated that President Donald Trump's tariff policies were not causing inflation. Neither committed to how they would vote on interest rates if confirmed to positions at the Federal Reserve, but both expressed support for what they described as the administration's pro-growth economic agenda. This appearance drew attention from financial markets and political observers, as the Federal Reserve chair position is one of the most consequential appointments in global economic governance.

In September 2025, Reuters reported exclusively that Bullard had met with Treasury Secretary Bessent and outlined conditions under which he would accept the role of Federal Reserve chair. Bullard indicated that he had spoken with Bessent the previous week as part of ongoing discussions about the appointment. The following day, Treasury Secretary Bessent publicly praised Bullard, stating that he had "a good session" with the former Fed official as part of his search for the next central bank chief. Bessent's public endorsement elevated Bullard's profile as a frontrunner for the position and underscored the seriousness of his candidacy.

During this period, Bullard also continued to offer his views on monetary policy. In an interview with Bloomberg in September 2025, Bullard stated that he would not have supported the Federal Reserve's decision to cut interest rates by 50 basis points that week, suggesting he favored a more gradual approach to monetary easing. Bloomberg noted that Bullard was "in the running to be the next chair of the US central bank" at the time of the interview. His public commentary on the Fed's rate decision while simultaneously being considered for the chairmanship was notable, as it provided insight into the policy orientation he might bring to the role if appointed.

Monetary Policy Views

Throughout his career, Bullard has articulated a distinctive set of views on monetary policy that have placed him at various points along the hawkish-dovish spectrum depending on economic conditions. He has been a proponent of rules-based monetary policy, arguing that the Federal Reserve should operate according to transparent and predictable frameworks rather than relying exclusively on discretionary judgments.

Bullard's advocacy for nominal GDP targeting represents one of his most notable intellectual contributions to the monetary policy debate. In the paper "Optimal Monetary Policy for the Masses," published through the Federal Reserve Bank of St. Louis in July 2025, Bullard and his co-authors presented a model demonstrating that nominal GDP targeting could function as optimal policy in an economy characterized by credit market frictions. The paper argued that this approach would serve the interests of a broad range of economic participants, rather than disproportionately benefiting certain groups.

His 2025 commentary on the Federal Reserve's decision to cut rates by 50 basis points revealed a preference for more measured adjustments to the federal funds rate. By stating that he would not have supported such a large rate cut, Bullard signaled a relatively more hawkish stance on monetary easing compared to the prevailing FOMC majority at that time.

On the question of tariffs and inflation, Bullard took the position in August 2025 that the Trump administration's tariff policies were not causing inflation, a view that aligned him with the administration's economic messaging and distinguished his perspective from that of some other economists who argued that tariffs could contribute to upward price pressures.

Personal Life

Limited publicly documented information is available regarding Bullard's personal life. He has maintained a relatively private profile outside of his professional activities. Following his tenure at the Federal Reserve Bank of St. Louis, Bullard relocated to the Purdue University area in connection with his appointment as dean of the Daniels School of Business. He has continued to reside in the academic community while remaining active in national monetary policy discussions.

Recognition

Bullard's career at the Federal Reserve Bank of St. Louis, spanning more than three decades, established him as one of the more prominent regional Federal Reserve Bank presidents of his generation. His research contributions to monetary economics, particularly in the areas of learning, monetary policy design, and nominal GDP targeting, have been widely cited in academic literature and policy discussions.

His emergence as a leading candidate for the Federal Reserve chairmanship in 2025 represented a significant recognition of his stature in the field of central banking. Treasury Secretary Scott Bessent's public praise of Bullard during the search process underscored the high regard in which he was held by senior policymakers. The fact that Bullard was considered a serious contender for what is often described as one of the most powerful economic positions in the world reflected the cumulative impact of his decades of work at the intersection of economic research and policy.

His appointment as dean of the Daniels School of Business at Purdue University further demonstrated his standing in both academic and policy circles, as the position placed him at the helm of a major business school with the mandate to shape the next generation of economic and business leaders.

Legacy

James Bullard's legacy is closely tied to his long service at the Federal Reserve Bank of St. Louis and his contributions to the intellectual framework underpinning American monetary policy. As president of the St. Louis Fed from 2008 to 2023, he served during one of the most consequential periods in the history of the Federal Reserve System, a period that encompassed the global financial crisis, the era of unconventional monetary policy, the COVID-19 pandemic economic shock, and the subsequent inflationary episode.

The St. Louis Fed under Bullard's leadership maintained its reputation as a center of monetary policy research, and Bullard himself was notable for bringing a researcher's sensibility to the policy table. His advocacy for nominal GDP targeting contributed to a broadening of the policy debate beyond traditional inflation-targeting frameworks, even though the Federal Reserve did not formally adopt such a target during his tenure.

Bullard's candidacy for the Federal Reserve chairmanship in 2025 represented a potential capstone to a career spent at the center of American monetary policy. Whether or not he ultimately assumed the role, his engagement with the search process — including his public articulation of conditions for accepting the position and his continued commentary on rate decisions — demonstrated an ongoing commitment to shaping the direction of the nation's central bank.

His transition from central banking to academia at Purdue University also positioned him to influence monetary economics through teaching and mentoring, extending his impact beyond the walls of the Federal Reserve System and into the broader intellectual ecosystem of American economic thought.