A senior Fed official says 'Wall Street has called this about right' after stocks rally to record highs even as fears persist about US economic health

Reuters

• James Bullard, the president of the St. Louis Fed, says that while the US stock market hitting all-time highs might seem out of touch with the reality of COVID-19, Wall Street's record-breaking rally actually makes a lot of sense.
• "I think Wall Street has called this about right so far," he said, speaking after the S&P 500 and Nasdaq hit record highs this week.
• He expects the US to perform better than expected as major corporates such as Walmart have found new ways to operate safely, and led others to adopt efficient modes of business. 
• "I expect more businesses to be able to operate and more of the economy to be able to run successfully in the second half of 2020," he told Reuters.
• Visit Business Insider's homepage for more stories.

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James Bullard, the president of the St. Louis Fed, said in an interview with Reuters that the US stock market hitting all-time highs might seem out of touch with the reality of COVID-19, but that Wall Street's record-breaking rally actually makes a lot of sense.

He expects the US economy to perform much better than predictions suggest as businesses and households continue to mitigate virus-related risks, and the economy remains open.

See the rest of the story at Business Insider

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