Federal Reserve Governor Elizabeth Duke said inflation likely will be subdued by slack in the economy, with the economic recovery moderate. "In the current environment, the [Federal Open Market Committee] continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal-funds rate for an extended period," Duke said. "Such policy accommodation is warranted to provide support for a return over time to more desirable levels of real activity and unemployment in the context of price stability."

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