WASHINGTON — Federal Reserve Board governor Kevin Warsh yesterday said using the “hammer” of federal funds easing is an imperfect way to counter market liquidity problems, even if the U.S. economy should weaken further, and said inflation concerns cannot be ignored.

“Now, policymakers may be well served encouraging a new financial architecture to emerge, aided in part by the actions we have taken,” Warsh said in remarks prepared for the Exchequer Club here.

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