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9/21, 3:49 PM (Source: TeleTrader)
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US economy will likely need zero rates for 3 years - Fed's Kaplan

Dallas Federal Reserve President Robert Kaplan stated on Monday that the central bank would likely need to leave interest rates at near-zero until 2023 in order to aid the United States economic recovery.

Once unemployment has fallen to approximately 4%, the Fed should "remain accommodative, or maybe even highly accommodative," the official said, noting, however, the current Federal Open Market Committee shouldn't make commitments on the rate decision now.

"I'm not sure it's appropriate to decide right now that at that point we should leave rates at zero. I would rather leave those judgments to future committees," Kaplan said.

Breaking the News / MD