He was regarded as an inflation hawk on the MPC, arguing unsuccessfully for interest rate rises from June 2010 until his term ended in May 2011.

Mr. Parry, a well-known inflation hawk, said the inflation rate, currently at about 4.5 percent, is not likely to move lower until 1991.

Bullard's statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves.

The inflation hawks at the Fed have very little to support their case.

But Mr. Parry is considered an inflation hawk and, in any case, is a nonvoting member of the Fed's committee that sets interest rates.

So both inflation hawks and doves at the Fed have plenty of ammunition as they debate whether to raise rates again.

To the inflation hawks, unemployment is already too low.

Last spring, Mr. Greenspan held off pressure from the Fed's inflation hawks for a rate increase.

When the April unemployment numbers were released, the inflation hawks got their usual jitters.

As the inflation hawks see it, rising grain and energy prices will force Americans to dig deeper into their wallets, prompting workers to press for higher wages.