Atlanta Federal Reserve President, Dennis Lockhart, expressed concern that the recovery is so weak that the big D -- deflation, or a dangerous drop in price levels, is a risk that warrants watching. He added that deflation discussion will likely be on the next Fed agenda. He said: "It's appropriate to think about what we would do under a deflationary scenario." He is more convinced than ever that short term interest rates remain at record lows.
Fed board governor Elizabeth Duke said that full restoration of credit growth is likely to be years away.
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