Bullard calls for “last in, first out” approach to Fed exit strategy

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James Bullard, the president of the St. Louis Federal Reserve, on Wednesday said the Fed should reverse its quantitative easing policy rather than raise interest rates when the time comes to start the exit from its "über accommodative" monetary policy stance.

At the UBS Macro Dinner in London, Bullard said the Fed's second round of quantitative easing was "a classic easing of monetary policy" and "an effective tool" in preventing a Japanese-style deflationary spiral when the policy rate was near

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