FRANKFURT - A U.S. unemployment rate stuck at 8.2% and "pretty significant" downside risks to the economic growth outlook stemming from the ongoing Eurozone debt crisis "would argue for further action" on the part of the U.S. Federal Reserve, San Francisco Fed President John Williams told the Financial Times.

Williams, however, stopped short in calling for direct action from the Fed. "I think the argument against further action is the question of uncertainty around the effects, the costs and the benefits of doing so," he said in an interview posted online Sunday.

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