ST. LOUIS — Federal Reserve Bank of St. Louis president James Bullard suggested Thursday that it might be risky for the Fed to maintain its stated policy of keeping the federal funds rate “exceptionally low … for an extended period” for too long or to lengthen it further.

Bullard defended the Fed’s second round of quantitative easing, saying it was justified last November by risks of deflation and it had the expected impact on the dollar, stock prices, and real interest rates.

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