The Fed will need to buy mortgage-backed securities and longer-term Treasury securities "well into the second half of 2013," as uncertainty continues to hold back the recovery, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Monday.

"The Fed is missing on both of its goals, especially the maximum-employment mandate," Williams told a group in California, according to prepared text of his remarks, released by the Fed. "And there are risks that the economy will slow further. The implications are clear. The Fed must do what it can to help the economy improve."

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