Fed’s James Bullard says he’s pleased with rates at these levels and it’s time to wait and see

St. Louis Federal Reserve President James Bullard told CNBC on Friday that interest rates are at a good level to “set us up for a good couple of years.”

Bullard, a voting member on the central bank’s policymaking Federal Open Market Committee this year, said he’s pleased with the Fed’s “patient” stance. He’s been saying for a while that it’s time to pause.

It’s time wait and see how the economy develops before taking any more action on the cost of borrowing money, he said.

Bullard appeared on “Squawk Box” after the government reported much stronger-than-expected January jobs growth. He recognized the strength, but said the employment numbers are backward-looking.

He said the Fed is out of the business of penciling in expected rate moves without seeing and evaluating the economic data, which globally is not as good as he hopes.

China is growing more slowly than anticipated, he said.

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