Federal Reserve Bank Of St Louis President: ‘We’re Far From The Point’

James Bullard, the President of the Federal Reserve Bank of St. Louis, is known for his views on monetary policy and the economy. It's possible that the reference you're making is to a statement he made in 2019 in which he said that the United States is far from the point where it needs to consider issuing a digital currency.

Bullard noted that while other countries have begun exploring the potential benefits of digital currencies, such as greater efficiency and lower transaction costs, the US dollar remains the dominant global reserve currency and is widely used in international trade. He also suggested that private-sector alternatives to digital currencies could emerge, and that the Federal Reserve would need to carefully consider the implications of any such developments.

It's worth noting that this statement was made in 2019 and since then, the Fed has continued to explore the potential benefits and risks of digital currencies and central bank digital currencies (CBDCs). In fact, in 2021, the Fed announced that it is exploring the possibility of a CBDC and has been engaging in research and experimentation in this area. However, the Fed has also emphasized the need for caution and careful consideration in developing and implementing any such system, given the potential implications for monetary policy, financial stability, and other areas.