The federal funds target rate will remain exceptionally low for an extended period, Federal Reserve Bank of Atlanta president and chief executive officer Dennis Lockhart said yesterday.

He said modest recovery and subdued inflation allow him to “fully support the message of the most recent Federal Open Market Committee statement to the effect that the fed funds target rate will remain exceptionally low for an extended period,” according to prepared text of remarks he delivered to the New York Association for Business Economics that was released by the Fed.

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