Labor market strife and unemployment levels that are expected to be above 7% through 2014 support the need for accommodative monetary policy for “quite some time,” Federal Reserve Bank of San Francisco president and chief executive John C. Williams said Thursday.

Because the United States “remains far from … maximum sustainable employment,” and with inflation in check, “it’s essential that we keep strong monetary stimulus in place for quite some time,” Williams told a Santa Barbara County Economic Summit, according to a prepared text released by the Fed.

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