The Federal Open Market Committee needs to have more data on labor markets, GDP, inflation and the Fed's balance sheet before agreeing to taper purchases of assets, Federal Reserve Bank of St. Louis President James Bullard said Friday.

When the issue of tapering was first discussed publicly in June, "The financial market reaction was substantial, even though the Committee did not actually change any policy settings at that point or at its recently-concluded July meeting," Bullard said, according to a release on his talk "The Tapering Debate" at the 2013 Municipal Finance Conference hosted by the Brandeis International Business School.

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