Fed's Bullard speaks on policy debate in Prague

Because we are so accommodative right now, the FOMC may not be willing Rosetta Stone Software or able to wait until every single global uncertainty is resolved before we can begin normalizing policy.""If we wait too long we will get a lot of inflation in the United States and around the world."ON REVERSING EASING"I think as long as these uncertainties remain unresolved ... if that's the case, I think we could pull up just a little bit shy of our total of $600 billion and I think by doing that we could begin the process toward normalization, we could go on pause for a little while and see how the economy develops through the summer.""If the economy develops as I hope and think it will be during 2011, I think it will be time for us to start to reverse our ultra-aggressive and ultra-easy monetary policy.""I'm just talking for myself. I think it could be on the order of $100 billion less than what we had initially thought, but I would leave that up to how the rest of the committee would want.""There's also the issue of tapering so you could sort of slow down the pace (of) the purchases, and that is being debated by the committee.""I think tapering worked fine at Rosetta Stone languages the end of the NBS program, so I see no reason why we wouldn't taper this time as well. But I see from public comments there seems to be some difference of opinion on that.""Some people both in markets and in the committee think it will be just fine to end the program." "Suppose we didn't purchase the full $600 billion and you only purchased $500 billion, you've still got a gigantic balance sheet and you've still got a policy rate near zero, so it would just be a tiny move in the direction of trying to normalize policy, but policy overall would still be in the direction of accommodative.""One of the things that I'm concerned about is that policy is so easy right now, that we have to get started on the process of getting back to normal, because it will take a long time to get back to normal." When asked if he meant now, he said:"Yeah, we are still buying treasuries. We are feeding the fire at this moment. We know there is a lot of lag on monetary policy, so we have to start thinking about turning this around in the near future."BULLARD'S PREFERRED PROCESS Rosetta Stone Hindi OF EASING"We're purchasing securities at a rapid rate.

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