Janet Yellen, president of the San Francisco Federal Reserve Bank, said that the current consensus among Fed officials was that, because unemployment would likely remain high for several years, there wouldn’t be any immediate end to the Fed’s low-interest-rate environment.
“If inflation remained low or was falling and inflation expectations were well-contained and unemployment remained as high as it was, that wouldn't point to changing the current stance on policy," Ms. Yellen said recently, in Phoenix, Arizona.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said “An economic recovery is under way" and "the situation is much improved, but there are sobering aspects of the economic picture. My baseline forecast is for a relatively subdued pace of growth beyond the current quarter and through the medium term."
Mr. Lockhart also said economic policy should try to lower unemployment and bring a "durable recovery", while keeping inflation in check. "The process of achieving this objective will necessarily involve judicious removal of government supports and the normalization of monetary policy."
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