St. Louis Federal Reserve Bank President James Bullard reiterated Thursday that the Federal Open Market Committee should be prepared to vary the pace of Fed asset purchases in response to an evolving economy.

The Fed should stand ready to scale back, though not necessarily end, bond buying as the labor market improves, said Bullard, a voting member of the FOMC who voted to continue $85 billion of monthly purchases of Treasury and mortgage-backed securities on Jan. 30.

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