MARIETTA, Ga. — Atlanta Federal Reserve Bank President Dennis Lockhart joined fellow Fed policymakers Thursday in suggesting that financial markets have overreacted to Fed Chair Ben Bernanke's statement last week that the Fed could start scaling back its bond buying "later this year" and perhaps end it by the middle of next year.

Lockhart said Bernanke was not saying the Fed will go "cold turkey" in terms of phasing out its quantitative easing, but will move flexibly in response to evolving economic conditions.

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