WASHINGTON — Given the high level of uncertainty associated with the Federal Reserve's use of asset purchases to spur faster economic growth, some "moderation" of the central bank's use of unconventional policies may be optimal, San Francisco Federal Reserve Bank President John Williams argues.

In a research paper released Tuesday evening, which he will present at a conference in Vancouver, Canada, later this week, Williams noted that senior Federal Reserve officials "are unsure of the future course of the economy and uncertain about the effects of their policy actions.

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