The federal funds rate target will “remain exceptionally low — that is, at the current level — at least through late 2014,” Federal Reserve Bank of New York president William Dudley said Thursday.

When “progress toward the mandate objectives is slower than desired, monetary policy needs to be kept at a more accommodative setting for a longer time period than a standard rule would suggest,” he told the Council on Foreign Relations, according to a prepared text of remarks released by the Fed.

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