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Fed's Bullard says housing market has hit bottom

Fed's Bullard says housing market has hit bottom (by Greg Robb)

WASHINGTON (MarketWatch) - The U.S. housing market has already hit bottom, said James Bullard, the president of the St. Louis Federal Reserve Bank, on Monday. In comments to reporters, according to Dow Jones Newswires, Bullard said that he expects the unemployment rate to fall below 8% this year. Bullard noted that he is more bullish than some forecasters. Bullard's comments came after a speech in which he raised doubts about the Fed's zero-interest rate policy. In general, hawks on the Fed, such as Bullard, have been more upbeat about the economy than doves, who believe growth is too subdued to bring down the high unemployment rate.