February 28, 2020 / 3:27 PM / a month ago

Bullard: Fed already insured against shocks like coronavirus

FORT SMITH, Ark (Reuters) - The Federal Reserve has already insured against shocks like the coronavirus, St. Louis Federal Reserve bank president James Bullard said on Friday.

“We already lowered rates last year and that was billed as insurance against possible shocks and lo and behold we have a shock. We already took out the insurance,” Bullard said. Though the cuts were fueled by concern over fallout from a global trade war, those fears have eased somewhat, he said.

Reporting by Howard Schneider; Editing by Chizu Nomiyama

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