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Fed hawks circle before Powell speech as they push for bond taper

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Reuters

By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) – The U.S. Federal Reserve’s hawkish wing used the day before a marquee speech by Fed Chair Jerome Powell to urge the central bank to begin paring bond purchases they feel have become ineffective, it not downright harmful. “We probably don’t need the asset purchases at this point,” St. Louis Federal Reserve president James Bullard said on CNBC on Thursday, repeating his call for the Fed to start trimming its $120 billion in monthly bond purchases soon and end the program by early next year. Bullard, along with Kansas City Fed presid…

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