Two Federal Reserve governors said the U.S. economy faces no serious threat from inflation and that it isn't time to tighten monetary policy. Janet Yellen, the central bank's vice chairwoman, said surging commodity prices are temporary and won't have a prolonged effect. William Dudley, president of the Federal Reserve Bank of New York, said he isn't enthusiastic about tightening because the labor market is expected to have "excess slack" through the end of 2012.

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