U.S. rate cut will 'ratify' what people already expect - Fed's Bullard

NEW YORK (Reuters) - An interest rate cut may be necessary at this point, but that does not mean the Federal Reserve is on a path to dramatically lower rates, St. Louis Fed President James Bullard said on Friday.Bullard, who argued unsuccessfully for such an immediate cut at the Fed's last meeting, told reporters it would be "very difficult" at this stage to not deliver.Cutting rates could reset people's expectations for inflation and reset relative U.S. government bond prices, or the "yield..