WASHINGTON — The U.S. economy is gradually improving and approaching a point where a "downward adjustment" to the Federal Reserve's accommodative monetary policy would be appropriate, Atlanta Federal Reserve President Dennis Lockhart said Monday.

"That's not to say the June meeting, but we are approaching a period in which it can be seriously considered based upon sort of the momentum of the economy which is not great but nonetheless is moving forward and based upon accrediting confidence in the economy," Lockhart told the Fox Business Network.

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