Dismissing the need for further monetary policy accommodation, Federal Reserve Bank of Minneapolis president Narayana Kocherlakota said in an interview on CNBC that he is "slightly more upbeat" about economic growth next year, adding that unless the forecast for inflation "softens considerably" while unemployment rises, there is no need for Fed action.

He sees "continued progression" in the battle against unemployment, but said it's "not as fast as we'd like to see."

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