The Federal Reserve held interest rates steady on Wednesday, though a rate cut could potentially occur in the latter half of the year. Former St. Louis Fed President and current Dean of Purdue University's Daniels School of Business Jim Bullard joins Morning Brief to discuss his outlook on the Fed's monetary policy.

Bullard emphasizes that "the Fed looks at everything" to assess economic health. He notes that while major events like recessions are caused by "big shocks" such as the pandemic and can't be timed, "you can track the economy very closely" which the Fed is dedicated to.

"It's the totality of the data, and the total narrative," Bullard explains, but he suggests the main question for the Fed now is "What's the ultimate destination?" regarding the policy rate.

Addressing concerns about the upcoming election influencing Federal Reserve rate decisions, Bullard tells Yahoo Finance, "Somebody's gonna be mad at you all the time," indicating that politics will have little impact on the Fed's decision-making process.

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This post was written by Angel Smith