SAN FRANCISCO — San Francisco Federal Reserve Bank President John Williams said Wednesday that, although the economy is showing signs of improvement, it still faces "serious menaces" and therefore the Fed will likely have to continue its so-called quantitative easing "well into the second half of next year."

Williams, a voting member of the Fed's policymaking Federal Open Market Committee, also reaffirmed that the FOMC will keep the federal funds rate near zero well after the economy improves.

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