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Fed's Bullard says current policy is appropriate

WASHINGTON (MarketWatch) - Current monetary policy "is appropriately calibrated" to the current economic environment, said James Bullard, president of the St. Louis Federal Reserve Bank, on Tuesday. In a speech in London, Bullard said the weak June labor-market report was not "sufficient" to change his own forecast for modestly improving growth in the second half of this year. Bullard is not a voting member of the Federal Open Market Committee this year. On Monday, another key Fed official, San Francisco Fed President John Williams, said the Fed must maintain "extraordinary vigilance" to see if the economy requires more stimulus.