Wall Street is certain the Fed will slash interest rates next month. But a key official says that will only happen if the coronavirus becomes a pandemic.

Get the Full StoryREUTERS Lucas Jackson

St. Louis Federal Reserve President James Bullard said Friday that interest rates would be cut only if the coronavirus worsened.

The comments were the latest sign the central bank would maintain a wait-and-see approach to the outbreak.

But Wall Street expectations for rate cuts have risen dramatically in recent days.

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St. Louis Federal Reserve President James Bullard said Friday that interest rates would be cut only if the coronavirus worsened, the latest sign the central bank would maintain a wait-and-see approach to the outbreak.

"Further policy rate cuts are a possibility if a global pandemic actually develops with health effects approaching the scale of ordinary influenza, but this is not the baseline case at this time," Bullard said in remarks prepared for a presentation in Arkansas. See the rest of the story at Business InsiderNOW WATCH: What it's like to ride the world's longest flightSee Also:The Trump administration just backtracked and said a coronavirus vaccine would be affordable for Americans after triggering massive blowbackDespite previous attacks, Medicare for All proved to be a huge winner for Bernie Sanders for the third primary in a row, polls showA renowned market bear says investors should be 'braced for zero or negative total returns' over the next 10-12 years and reiterates his call for a 67 stock meltdownSEE ALSO: Republican officials are privately bracing for the possibility that a virus-hit US economy could hurt Trump in the election

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