Econ Note: Fed President James Bullard Says Global Recovery Looks Strong

James Bullard, president of the St. Louis Federal Reserve Bank, said the global economic recovery looks "very strong," despite concerns over slower growth in China and the European debt crisis. "The global economy is now in the middle of a powerful recovery led by Asia," Bullard said in a speech delivered Tuesday in Tokyo.

Bullard said "the macroeconomic recovery in the U.S. remains on track and may be complete in the third quarter." Bullard, a voting member of the Federal Reserve's interest rate setting committee, also called on the federal government to pare its budget deficits.

"Now that the U.S. economy is about to achieve recovery in GDP terms, it is time for fiscal consolidation in the U.S," Bullard said. "Irresponsibly high deficit and debt levels are not helping the U.S. economy and could damage future prospects through a loss of credibility internationally," Bullard said.