Bullard Says Fed Policy Hasn't Widened the Income Gap

St. Louis Fed President James Bullard on Thursday defended the Federal Reserve, saying its policies have not widened the income gap.
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St. Louis Fed President James Bullard on Thursday defended the Federal Reserve, saying its policies have not widened the income gap. TheStreet's Joe Deaux reports that Bullard told reporters in a meeting he was pushing back against the criticism that monetary policy has added to income inequality. Bullard conceded that the economic stimulus program has influenced the stock market, which has risen 190% since the bottom of the recession in March 2009. "Actual equity prices were well below normal by conventional valuation metrics in 2008 and 2009, and they have recently returned to more standard valuations," Bullard said. TheStreet's Joe Deaux reports.