While obstacles remain to recovery, Federal Reserve Bank of Cleveland president Sandra Pianalto said Tuesday that the United States is near price stability but remains far from the 6% unemployment rate she views as full employment.

“In my view, we are close to price stability, which I define as an inflation rate of 2% over the medium term. But the economy remains far away from full employment,” she told the Chamber of Commerce in Wooster, Ohio, according to a prepared text released by the Fed. “According to my outlook, an unemployment rate of 6% will take longer to reach, perhaps even four or five years.”

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