St. Louis Fed's Bullard says 1970's-type inflation is main risk to outlook

The St. Louis Fed is supposedly a bastion of monetarism. Thus, President Bullard is fearing inflation. We should take his concerns seriously. Here are his slides: http://research.stlouisfed.org/econ/bullard/pdf/BullardDialogueWithTheFedLouisvilleKYMay16_2012_Final.pdf