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Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said on Thursday that the Fed's extremely loose monetary policy stance remains "appropriate."
However, he added that the Federal Open Market Committee "will need to remain vigilant" to the possibility of changes in the gap between the jobless rate and the economy's natural rate of unemployment.
Kocherlakota said the natural unemployment rate of the US economy could be anywhere between 5.9% and 8.9%, compared to the current jobless rate of 9%.
