Fed's Lockhart: No need for more QE at present

FRANKFURT (MarketWatch)
Atlanta Federal Reserve Bank President Dennis Lockhart on Monday said "sustained monetary accommodation" is appropriate in order to keep the U.S. economic recovery on track but that he doesn't see a need at present for another round of quantitative easing
"We have entered a phase of the recovery in which sustained monetary accommodation is warranted in order to preserve and advance what is still modest progress on employment and economic growth," Lockhart said, in remarks prepared for delivery at a conference in Tokyo
"Importantly, this modest progress is occurring in the context of what, for me, is acceptable performance with respect to our price stability mandate
Actions that reinforce the maintenance of policy accommodation are appropriate," said Lockhart, who is a voting member of the rate-setting Federal Open Market Committee this year Lockhart said he doesn't believe present economic circumstances presently warrant another round of large-scale asset purchases, or quantitative easing
"As popular as it might be in some quarters to rule out further [quantitative easing], I do not think this option can be taken off the table
QE3 will work under the right circumstances. But I don't believe such circumstances prevail at this time," he said