St. Louis Fed President James Bullard said the current level of interest rates is appropriate for a low-growth, low-inflation regime. In London, he said the Fed doesn't need to act preemptively to respond to future developments. "Even if the U.S. unemployment rate declines substantially further, current estimates suggest the effects on U.S. inflation are likely to be small," Bullard said. He also said the Fed has time to wait if the U.S. adopts new fiscal and regulatory policies.
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