NEW YORK – The economy has given signs of sustained recovery this year, but the Fed must keep policy accommodative, according to Federal Reserve Bank of Atlanta President Dennis Lockhart.
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Despite the progress, which he termed “real, but fitful,” Lockhart said, “I believe it is a bit early to declare victory,” especially with employment “nowhere near acceptable levels.”
“The appropriate outlook at this juncture is one of cautious optimism, avoiding overstatement of the likely speed of improvement,” he told students at Miami-Dade College, according to prepared text of his remarks, which were released by the Fed.
