WASHINGTON — San Francisco Federal Reserve Bank President John Williams said the European crisis, the fiscal tightening at all levels of government and the overall business uncertainty are all weighing on the U.S. economy, but Fed actions should help build momentum for recovery.

Williams stressed that though the Fed opted for a course of more easing to support the recovery, that strategy can be adjusted or ended if it is "causing significant economic problems," and, critically, that the stance does not indicate any wavering in the Fed's focus on price stability.

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