Bullard: U.S. growth likely to continue above trend amid strong consumption

St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su

WASHINGTON, May 17 (Reuters) – The U.S. economy is likely to continue growing at an above-trend pace for at least the next 18 months, and households are likely to continue spending as the influence of the pandemic fades, St. Louis Fed president James Bullard said on Tuesday.

Growth in the range of 2.5% to 3% is “fast compared to the long run potential rate of growth for us,” which may be just below 2%, Bullard said in comments that appeared to downplay possible recession risks from tighter Fed monetary policy.

“That’s where we are…U.S. labor markets are super strong…Household consumption is expected to hold through this year.”

People “want to put the pandemic behind them and they have…