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Still Weak Job Market Calls for Fed Patience, Rosengren Says

Dow Jones Business News (04/15/14) Michael S. Derby

Boston Federal Reserve Bank President Eric Rosengren says continuing labor market weakness and uncertainty about how weather has been affecting economic data indicate the U.S. Federal Reserve should exercise patience and continue to provide aggressive economic stimulus. “It is vitally important that labor markets continue to improve,” he says, adding that “monetary policy should continue to be accommodative, supporting a return to full employment, given the very low inflation rates.” His remarks are from the text of a speech he is scheduled to give today in Boston.

Although the Fed is expected to begin considering interest rate increases when unemployment reaches 6.5%, Rosengren favors a 5.25% threshold for the jobless rate, which could be reached in mid-2016 if unemployment continues to decline at its current pace.