Calling the Federal Open Market Committee’s setting of 2014 as the time for a possible change in rates “an unwarranted pessimistic signal,” Federal Reserve Bank of St. Louis president James Bullard warned Thursday that conditions at that time could still be “exceptionally poor.”

“If the economy is performing well at the point in the future where the promise begins to bite, then the committee may simply abandon the promise and return to normal policy,” Bullard said.

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