HONG KONG — Federal Reserve Bank  of Atlanta president Dennis Lockhart said Tuesday a third round of “quantitative easing” could not be ruled out but that conditions at the moment were not right.

“QE3 will work under the right circumstances, but I don’t think circumstances prevail at the moment,” he told the Institute of Regulation and Risk North Asia.

Lockhart said risks to the U.S. economy were mostly to the downside at the moment because of the potential spillover effect of the European debt crisis.

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