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Fed's Bullard says no 'significant' slack in U.S. labor market

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[August 22, 2014]  (Reuters) - A top Federal Reserve official said on Friday that little slack remained in the U.S. labor market and that the central bank should not be too timid when the times comes to raise interest rates.

St. Louis Fed President James Bullard told CNBC he argued at a Fed policy meeting in July that the central bank should not describe underutilization of labor market resources as "significant," and that there was a risk it could raise rates too slowly over the next few years.

"If we go very slow, very gradual are we going to get another housing bubble and a big disaster on our hands?" he said.

(Reporting by Jason Lange in Washington; Editing by Chizu Nomiyama)

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