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The U.S. Federal Reserve will probably need to raise interest rates in late 2013 rather than waiting until 2014 as the central bank's policy-setting committee has said it would, a top Fed official said on Friday.
St. Louis Fed President James Bullard, who does not have a vote on the Federal Open Market Committee this year, had said in February that he disagreed with the central bank's decision to keep interest rates exceptionally low through late 2014.
Bullard, speaking to reporters after addressing a Credit Suisse investment conference in Hong Kong, also said the idea of "sterilising" asset purchases - or borrowing back the money it uses to buy the bonds - did not make sense.