JACKSON HOLE, Wyo. - The rise in mortgage rates and its apparent adverse impact on housing may be one reason for the Federal Reserve to proceed carefully in scaling back its large-scale asset purchases, St. Louis Federal Reserve Bank President James Bullard said Friday.

Mere talk about "tapering" so-called "quantitative easing" has led to a tightening of financial conditions, so the Fed's policymaking Federal Open Market Committee should not be in a hurry to reduce the amount of monetary stimulus it is injecting through its bond buying, Bullard told MNI outside of the Kansas City Federal Reserve Bank's annual symposium.

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