6/24, 2:19 PM (Source: TeleTrader)
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Bullard favors raising rates to 3.5% this year

Federal Reserve Bank of St. Louis President James Bullard said Friday that he favors increasing the rates to 3.5% this year.

Commenting on the recession fears that have been looming in the markets recently, Bullard also asserted that current models are not probably good indicators of recession risk. Moreover, he added, it is too early to have a debate about the probability of such a situation.

In addition, he mentioned that the United States economy had shown incredible resilience, with households in a great position going forward. However, some components of the GDP have been behaving "strangely."

Baha Breaking News (BBN) / JG