The fed funds rate should remain "extraordinarily low" until the jobless rate drops below 5.5%, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota repeated Wednesday.

Being more precise than the Federal Open Market Committee "expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens," Kocherlakota said in Great Falls, Mont., the FOMC should describe the conditions that would lead it to move rates higher.

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