ST. LOUIS (Reuters) - A top Federal Reserve official said on Tuesday he would not have voted in favor of the bond-buying program the U.S. central bank launched last week.
St. Louis Federal Reserve Bank President James Bullard said recent U.S. economic data has not convinced him that the program, dubbed QE3 by Wall Street, was necessary.
Bullard does not have a vote on the Fed’s policy-setting committee this year but will in 2013.
“I would have voted against it based on the timing. I didn’t feel like we had a good enough case to make a major move at this juncture,” Bullard told Reuters Insider in an interview.
“We should take a little bit more (of a) wait and see posture,” he said. “I think that constellation of economic data doesn’t really dictate the decision that we made.”
Reporting by Alister Bull; Writing by Jason Lange; Editing by Chizu Nomiyama