"I think the time to begin normalizing monetary conditions is close," Federal Reserve Bank of Atlanta President and CEO Dennis Lockhart said Monday.
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"Much progress has been achieved since December 2008, when the Fed's policy rate reached zero, and mid-2009, when the recession ended," he told the Atlanta Press Club, according to prepared text released by the Fed. "That progress has been accomplished with the support of extraordinary monetary policy. Current and prospective economic conditions increasingly do not demand the most aggressive stance of policy."
He noted the process of raising rates should be "gradual" and "have a happy ending."
