Fed's Bullard: Fed remains on 'meeting by meeting' basis

St. Louis Federal Reserve Bank President James Bullard said risks remain high for a U.S. economy that may slow more sharply than expected.

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Bullard spoke at a conference in London on Tuesday.

The Fed will make decisions on a meeting-by-meeting basis, according to Bullard.

In the Fed President's comments, he said that the yield curve has a good track record as far as recession is concerned. According to models, Bullard says the chance of a recession is elevated.

He also commented on trade saying "the shift in policy is a significant change for the global landscape."

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Bullard also doesn't expect major changes to come from the current Fed policy review.

In case of what Bullard called an "ordinary recession" the Fed's playbook includes measures like rates going to zero and quantitative easing.

Bullard was in favor of a deeper interest rate cut at the last policy meeting.

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The Fed reduced interest rates by a quarter of a percentage point at its September gathering.