Federal Reserve says strong global recovery under way

[Jeffersons Ghost]

Fed's Bullard says strong global recovery under way

(Reuters) - A strong global economic recovery is under way, and is unlikely to be thrown off course by European debt woes or the improbable event of the bursting of an asset bubble in China, a top Federal Reserve official said on Monday.

"While the sovereign debt crisis in Europe is indeed a serious matter, the global recovery at this point looks very strong and seems unlikely to be derailed," said St. Louis Federal Reserve Bank President James Bullard in remarks prepared for delivery to a conference in Tokyo.

Bullard also said Europe's sovereign debt crisis had not pushed back the timing of an eventual rise in the Fed's benchmark interest rate, as some market watchers have speculated. The recovery in the U.S. economy needs to become more firm in order for the Fed to raise rates, Bullard told reporters at a briefing in Tokyo.

http://www.reuters.com/article/idUSTRE65D0XX20100614