Fed's Bullard: could trim bond buying by $100 billion

Bullard, who does not have a vote on Fed policy this year, added that V3 Rosetta Stone U.S. policymakers may not be willing or able to wait for all global uncertainties to be resolved before they begin normalizing their very loose monetary policy."One of the things that I'm concerned about is that policy is so easy right now that we have to get started on the process of getting back to normal because it will take a long time," Bullard told reporters on the sidelines of an economic conference in Prague on Tuesday.When asked if he thought that process should begin now, he said: "Yes, we're still buying treasuries. We're feeding the fire at this moment."Bullard, seen as a centrist on the policy-setting committee, said the Fed could start tapering off its asset purchases and then pause for several policy meetings before taking further tightening steps.His comments contrasted with comments from other senior Fed officials who have said this week only that they did not see a need for another round of asset buying.Bullard's comments drove the euro to a session low against the dollar. The single European currency was trading bid at 1.4060 at 1315 Rosetta Stone languages GMT.He added that there was a difference of opinion on the speed of reversing monetary easing and cutting back the asset purchasing program."I think it could be on the order of $100 billion less than what we had initially thought, but I would leave that up to how the rest of the committee would want," Bullard told reporters.Still, analysts say it is highly unlikely the Fed will stop short of purchasing the full $600 billion in U.S. government bonds, and top Fed officials said on Monday the economy still needed support.Bullard said in late February that he would support scaling back the central bank's $600 billion bond buying program in light of a strengthening economy.Even before the Fed launched the current round of monetary easing in November, Bullard was arguing that the central bank should move policy in increments of $100 billion worth of securities purchases from meeting to meeting."We're purchasing securities at a rapid rate. If we stop that process and we just let the balance sheet stay at a high level and keep the policy rate near zero, and keep our extended V3 Rosetta Stone French period language, we could pause for a couple of meetings like that," he said on Tuesday."

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