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The Fed: Here’s how one FOMC member says the Fed can stop contributing to income inequality

Bloomberg News/Landov
St. Louis Fed President James Bullard has

Can Federal Reserve monetary policy be conducted in a way that benefits everyone in society?

The answer is yes, said St. Louis Fed President James Bullard, in a blog post on Thursday that he co-authored. Bullard is talking Thursday night.

Bullard made the case, again, for the central bank to adopt what is known as “nominal GDP targeting.”

His blog comes amid the talk, from critics on both the left and the right, that the Fed’s “quantitative easing” policy since the Great Recession benefitted the wealthy. The Fed engineered lower long-term interest rates by buying assets, raising the prices on stocks SPX, +0.36% and bonds that are owned by the wealthy compared with ordinary Americans.

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