When it comes to a key monetary policy issue — the amount of "slack" in the economy — opinions vary widely among Fed policymakers, but Atlanta Federal Reserve Bank President Dennis Lockhart has it about right with his belief that resource slack is neither as great as some contend or as small as others maintain, according to an aide.

Michael Bryan, vice president and senior economist for the Atlanta Fed says the evidence supports what Lockhart has called his position in the "gray middle" on the amount of slack.

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