Many religiously monitor and analyze labor market data for clues on how long the Federal Reserve will maintain its aggressive measures to help the recovery, but one influential Fed official Wednesday said he would support increasing the bond buying program to arrest a continued decline in inflation.

"People have been focusing on unemployment a lot but maybe are a little bit blinded that the inflation numbers have come in very low," St. Louis Federal Reserve Bank President James Bullard told reporters on the sidelines of the Minsky conference hosted by the Levy Institute in New York.

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