One of the biggest doves at the Fed is St. Louis Fed President James Bullard. He says interest rates are too high. But he also says it's "premature' to talk interest-rate cuts".

And on one hand he says don't worry the yield curve doesn't mean what it used to. On the other hand he is concerned.

Finally, Bullard says normalization is over. Let's investigate that concept.

Likely Temporary

Please consider Fed's Bullard Says Spate of Weaker Data Likely 'Temporary'.

"We've had a spate of weaker data, but I still think it is probably mostly temporary," Bullard told reporters after a speech at the University of Wisconsin-Madison.

"I think the notion of a rebound in the second quarter is a good forecast," he added.

Bullard, who is not a voting member of the Fed's interest-rate committee this year, said it was "premature" to contemplate rate cuts.