CHATTANOOGA, Tenn. — Atlanta Federal Reserve Bank president Dennis Lockhart cited increasing signs of economic recovery yesterday, but also pointed to downside risks and vulnerabilities and gave no indication he thinks the Fed should start tightening monetary policy anytime soon.

On the contrary, Lockhart, a voting member of the Fed’s policymaking Federal Open Market Committee, said “an extended period” of low interest rates is needed, given the outlook for “frustratingly slow” economic growth and “protracted” high unemployment.

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