BOSTON - QE3 is battling, as intended, the threat of decades of a "Great Stagnation," accelerating recovery but still in need of reinforcing fiscal policy, Boston Federal Reserve Bank President Eric Rosengren said Thursday.

In an extended defense of the Fed's latest unconventional policy stimulus, Rosengren framed the effort as the Fed's refusal to accept high unemployment and low resource utilization as the status quo.

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