Low rates play an "important role" in supporting economic recovery, but the current monetary policy stance is "overly accommodative" and the Fed must be patient about achieving long-term goals, Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. George said Thursday.

"Our limited understanding of the possible effects of unconventional policy tools causes me to give more weight to their risks and eventual consequences," she told a gathering at Redlands Community College in Oklahoma, according to prepared text released by the Fed.

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