Monetary policy can help the pace of recovery in the labor market Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reiterated Friday, noting that the labor market has improved at a "painfully slow" rate the past four years.

"These low levels of inflation tell us that monetary policy can be useful in increasing the rate of improvement in the labor market," he told a conference in Bloomington, Minn., according to prepared text released by the Fed.

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