Former president of the Federal Reserve Bank of St. Louis James Bullard said in an interview on CNBC that the strong second-quarter GDP report, released earlier today, is to end talk of a possible interest rate reduction at the Fed's July meeting. The official also noted that the latest numbers are not pointing to a recession at this time. According to Bullard, the economy is slowing but is slowing to the trend pace of growth. That's a soft landing, he added.
In addition, Bullard suggested that the Fed is likely to signal they are getting ready to go in September.