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CNBC Excerpts: James Bullard, Federal Reserve Bank of St. Louis President & CEO, on CNBC's "Squawk Box" Today

When: Today, Friday, February 22nd

Where: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with James Bullard, Federal Reserve Bank of St. Louis President & CEO, today, Friday, February 22nd on CNBC's "Squawk Box" (M-F, 6-9AM ET). Here are links to the embeddable videos of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000148643, http://video.cnbc.com/gallery/?video=3000149784, http://video.cnbc.com/gallery/?video=3000149541 and http://video.cnbc.com/gallery/?video=3000149785.

All references must be sourced to CNBC.

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BULLARD ON FED POLICY
FED POLICY IS VERY EASY. IT WILL STAY EASY FOR A LONG TIME I THINK, HERE. I THINK THAT'S MY MAIN MESSAGE THIS MORNING. I THINK THERE WAS TALK ABOUT HOW WE ARE GOING TO HANDLE –THE FUTURE BUT IF YOU LOOK AT THINGS RIGHT NOW WE'RE BUYING AT AN $85 MILLION A MONTH PACE. THAT'S A VERY AGGRESSIVE PACE. I THINK POLICY IS MUCH EASIER THAN IT WAS LAST YEAR BECAUSE I THINK THE OUTRIGHT PURCHASES ARE A MORE POTENT TOOL THAN THE TWIST PROGRAM WAS, AND WE REPLACED THE TWIST PROGRAM WITH OUTRIGHT PURCHASES. I DON'T THINK THE MARKETS HAVE COMPLETELY ABSORBED THAT SWITCH.

BULLARD ON MONETARY POLICY THAT PACKS A PUNCH
I THINK THE FORWARD GUIDANCE IS BETTER, I THINK THE ASSET PURCHASES ARE MORE POTENT. THIS IS A MONETARY POLICY THAT REALLY PACKS A PUNCH. AND THE LAST TIME WE HAD A MONETARY THAT WAS THIS AGGRESSIVE WAS QE2, IN MY OPINION.

BULLARD ON THE ECONOMY
WE'RE NOT GOING TO TALK ABOUT DATES ANYMORE, THIS IS ABOUT STAKE CONTENTION POLICY, THIS IS ABOUT WAITING FOR THE ECONOMY TO RECOVER. WE'RE LOOKING FOR IMPROVEMENTS IN THE LABOR MARKETS AND OTHER FACTORS.


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