Bullard speaks to reporters
- If the Fed meeting were today or tomorrow, would support 25 basis point rate cut
- a 50 basis point cut would be overdone at this point. Need only a modest move
- he has penciled in a 2nd rate cut by years end, but would depend on economy
- Trumps picked for Fed, St. Louis Fed's Waller, holds views that are close to his own
- Says Waller will be his own person, if he is nominated, confirmed for Fed board post
- rate cut would act as insurance against sharper economic downturn, low inflation
