LONDON — St. Louis Federal Reserve Bank President James Bullard said Thursday that he would not like to see the Fed begin scaling back its bond buying until inflation gets closer to its 2% target and said that initial tapering would likely be "moderate."

Bullard, a voting member of the Fed's policymaking Federal Open Market Committee this year, said the Fed has "room to maneuver" given that its balance sheet is smaller than other major central banks.

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