Fed presidents downplay imminent end to QE3

05/22/2013 | Reuters · Wall Street Journal, The

Federal Reserve Bank Presidents William Dudley of New York and James Bullard of St. Louis emphasized Tuesday that more progress is needed in the economy before the Fed slows or halts its bond-buying program. "At some point, I expect to see sufficient evidence to make me more confident about the prospect for substantial improvement in the labor market outlook," Dudley said. "At that time, in my view, it will be appropriate to reduce the pace at which we are adding accommodation through asset purchases."

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