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Fed's George: Recovery May Well Warrant Low Rates for Extended Period

FEB 12, 2013 1:21pm ET

Kansas City Federal Reserve Bank President Esther George Tuesday said the ongoing economic recovery in the United States may well warrant exceptionally low interest rates for an extended period, but warned that such a policy risks long-term financial and price stability.

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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