James Bullard, president and chief executive officer of the Federal Reserve Bank of Saint Louis, made clear Monday that the Federal Reserve will take a fine-tuning approach to its second round of quantitative easing, or QE2, by adjusting the program up or down by small amounts in response to data flow and to advance its own policy aims.

"Getting to the next meeting — looking at how the data is coming in, looking at how the forecast has changed and make a judgment on going forward," Bullard told CNBC TV. "That is how I would like to approach this quantitative easing program."

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