Fed's Bullard: Fed can wait on further rate increases given "downside surprise" in recent data

"Central bank can wait on further rate increases given "downside surprise" in recent data," St. Louis Fed President James Bullard said on Friday.

Key quotes (via Reuters):

• There is particular reason to doubt that inflation is returning to the Fed's target
• GDP growth around 2 percent unlikely to change anytime soon
• I see little evidence further declines in unemployment will do much to boost inflation
• Given weak inflation Fed can "wait and see" how possible changes in fiscal, tax or regulatory policy change economic growth