Atlanta Federal Reserve Bank President Dennis Lockhart Tuesday painted the picture of an economy that is neither firing on all cylinders nor regressing, with the worry remaining that expectations for stronger growth next year may again turn out to be wrong.

Most Fed officials are not fixated on a single data point, Lockhart said during a question and answer session following a speech in Montgomery, Ala. Instead, he said they are trying to get an overall sense of the health of the economy by looking a "dozens" of different elements.

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