Dow Jones NEWSWIRES

St. Louis Fed President James Bullard said Friday on CNBC that the U.S. economy is in for a "soft patch" but that he doesn't see a "double-dip" recession as very likely.

Bullard, speaking ahead of a speech by Fed Chairman Ben Bernanke in Jackson Hole, Wyo., said he felt economic growth will be weaker than anticipated in the second half but still positive, and expected that the economy will pick up in 2011.

The Commerce Department cut its second quarter GDP growth estimate on Friday to 1.6% from an initial estimate of 2.4% last month.

Bullard also said he didn't buy the notion that the Fed is "running out of bullets" or options with respect to monetary policy. He said the modest quantitative easing steps initiated earlier in the month could have a major impact and said any further quantitative easing moves should be taken in small, disciplined steps.

Full story at www.cnbc.com

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