Fed’s Bullard: Higher US interest rates no longer necessary

St. Louis Fed President James Bullard was out on the wires in the last hour, saying that the US growth surprise allowed rate hikes but higher interest rates are no longer necessary.

He further added that the US needs faster productivity growth to maintain GDP growth rates and any further growth surprise depends on productivity pick up.

The greenback bulls seemed unaffected by the comments, with the key US Dollar Index still holding with strong gains near session tops, above mid-95.00s.