Interest rates may not be raised until 2012, Federal Reserve Bank of St. Louis president James Bullard told business leaders yesterday.

“Assuming that the most recent recession ended this past summer, and assuming that the [Federal Open Markets Committee] would behave in the same way that it’s behaved in the past, this could mean the FOMC would not start increasing rates until early 2012,” Bullard said in a speech at the Commerce Bank Economic Breakfast in St. Louis, according to a press release from the Fed.

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