August 6, 2019 / 6:34 PM / a month ago

Fed's Bullard: No need to 'pile on' rate cuts

FILE PHOTO: St. Louis Federal Reserve President James Bullard speaks at a public lecture on "Slow Normalization or No Normalization" in Singapore May 26, 2016. REUTERS/Edgar Su/File Photo

WASHINGTON (Reuters) - The U.S. Federal Reserve does not need to “pile on” interest rate cuts at a time when the economy continues to grow and is still adjusting to the looser monetary policy set by the Fed this year, St. Louis Federal Reserve President James Bullard said on Tuesday.

Comparing the current economic situation with the dramatic events leading to the financial crisis in 2007, Bullard said “I don’t think we are in a situation where you have to be quite as dramatic” with rate cuts of half a percentage point at a time.

Reporting by Howard Schneider; Editing by Dan Grebler

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