Although the Federal Open Market Committee has set specific thresholds for when it will raise interest rates, "the majority of the Committee still believes that the 'liftoff' date for the FOMC's policy rate will be in 2015 or later," Federal Reserve Bank of Atlanta President Dennis Lockhart said Monday.

He also questioned the benefits of open-ended asset purchases as "debatable," although he admitted buying "longer-term Treasury and mortgage-backed securities has likely put some downward pressure on longer-term interest rates broadly and has helped housing markets in particular."

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