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“We cannot be satisfied with the current state of the economy or the outlook for the next few years. The economy is operating far below its productive potential" - cites 9% unemployment. Fed "could do more in both directions" - eg elaborate on forward commitment to keep rates low (says it'd be desirable to talk abt econ conditions expected before rate hike) - or "we could purchase more longer term financial assets" - "it might make sense to do much of this" in MBS to impact housing and prevent disrupting Tsys mkt. Recognizes poss costs of more ease, but still favors same.”
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