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Bullard Says Important for Fed to Defend 2% Inflation Target

Federal Reserve Bank of St. Louis President James Bullard, who has backed continued bond purchases by the Fed, said it is important for the central bank to defend its 2 percent inflation target to ensure its credibility as price gains moderate.

“I have been concerned about low inflation,” Bullard, who votes on monetary policy this year, said in a speech today in Paducah, Kentucky. “There hasn’t been much indication so far it is moving back toward target.”