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Bullard bullish on US economic data

Updated: 2012-02-06 07:57
By Steve Matthews ( China Daily)

ATLANTA, United States - Federal Reserve Bank of St Louis President James Bullard said reports on the United States economy such as the better-than-expected employment data indicate that more Fed purchases of bonds aren't necessary.

"The economic news and economic data, including Friday's data, has been surprising to the upside," Bullard said in a Bloomberg News interview. "I need to see significant deterioration in the economy and some threat of deflation or inflation moving significantly below our inflation target before I would consider more QE," he said, referring to bond purchases known as quantitative easing.

Bullard, who doesn't vote on monetary policy this year, was the first Fed official in 2010 to call for a second round of asset purchases. Unlike then, the US isn't at risk of facing a broad decline in prices similar to what beset Japan, he said.

Bullard bullish on US economic data