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Bullard also gave a speech Friday in New York in which he said the Fed's action this week shows its basing its decision on incoming data, not a set schedule. During the speech, Bullard noted that financial markets have reacted sharply to the Fed's comments about the bond purchases, showing critics are wrong that the Fed is having little impact. Stocks plunged after Fed Chairman Ben Bernanke indicated in June that the Fed could slow them later this year, if the economy improved. And when the Fed surprised investors this week by not acting, the stock market rallied and hit new highs on Wednesday.
[Associated
Press;
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