ST. LOUIS—For nearly two years the U.S. Federal Reserve has pushed ahead with steady rate increases in an economy that has done better than expected, boosted by government spending, tax cuts, and global growth that made the Fed’s policy choices seem almost a footnote.
The easy part may be over, St. Louis Federal Reserve President James Bullard said in an interview here, as possible “cracks” in the U.S. recovery begin to shape the central bank’s debate over where the Fed stands in a rate-rise cycle that began in December 2015, and how much further it should go.
