While you were sleeping: Fed’s Bullard scares Wall Street

Thu, 26 Jun 2014

By Margreet Dietz June 27 (BusinessDesk) - Wall Street slid after a US Federal Reserve official fuelled concern that the central bank might raise interest rates sooner than anticipated. In an interview with Fox Business Network, St Louis Fed President James Bullard said the US economy is doing much better than most realise. While admitting the larger-than-expected contraction in first-quarter gross domestic product gave him “heartburn”, Bullard also suggested it was not indicative of the economic outlook. “It looks like the first quart...

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