St. Louis Fed president says recession is over

Federal Reserve Bank of St. Louis President James Bullard said he believes the recession caused by the COVID-19 pandemic is over.

Bullard said on CNBC's "Closing Bell" that the third quarter likely would be "one of the best quarters ever for economic growth in the U.S." He estimates the recession only lasted for two months.

Bullard said the Fed likely would not soon change its current policies that include a historically low benchmark rate and bond purchases from corporations and municipalities.

"I don't really think this is about monetary policy. This is about the virus, and the economy adapting to the virus, the risk management around the virus and the contagion that would otherwise occur," Bullard said. "I think our monetary policy is just right for this situation. We have a low policy rate, and we're going to stay low for a long time."

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