Fed’s Bullard sees no need for easing

JACKSON HOLE, Wyo. (MarketWatch)
Economic conditions are not at the point now where the Federal Reserve should ease monetary policy further, James Bullard, the president of the St. Louis Fed, told MarketWatch in an interview. on Saturday

Bullard said he was not convinced that the economy would suffer in coming quarters, as many leading economists are predicting
“I think there are good reasons to be optimistic even though when you look around these days there is a lot of gloom and doom,” Bullard said
Bullard said the U.S. manufacturing sector might benefit from a restoration of business activity in Japan in the wake of the March earthquake and tsunami
“The contacts I have in Japan say that [the recovery] is ahead of schedule and that should be helpful,” Bullard said
Another potential positive is that oil prices are lower, he said
“I don’t think we are really to the point where we should ease right now because the economy may pick up,” Bullard said.