Fed's Bullard says length of expansion does not mean recession is near

[October 13, 2015]  WASHINGTON (Reuters) - The fact that the current U.S. economic expansion has gone on for six years does not mean a new recession is likely close, St. Louis Fed President James Bullard said on Tuesday.

"The probability of going into recession is no greater just because you have an expansion for six years," Bullard said.

Bullard, speaking in Washington, repeated his arguments for raising interest rates now. Bullard feels the economy is largely back to normal, and that unemployment will fall "deep" into the four percent range in coming months.

(Reporting by Howard Schneider; Editing by Chizu Nomiyama)

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