U.S. investors, who been running up equity market values, have been right, at least so far, said St. Louis Fed President James Bullard on Tuesday. "Equity markets are something we don't usually talk about at the Fed. I think they have been optimistic and they have been right, I think, up to now anyway. They were optimistic in the May-June time-frame and indeed the data came in and validated the market thinking," Bullard said. He added a big part of market capitalization is tech firms and pandemic has been a "boon" to this industry.