Fed's Lockhart: QE3 to stay even if cliff averted

WASHINGTON (MarketWatch)
Aggressive Federal Reserve easing will still be appropriate and justified "for some time" even if Congress avoids sending the economy over the fiscal cliff, said Dennis Lockhart, the president of the Atlanta Federal Reserve Bank, on Friday
In a speech at the University of Virginia, Lockhart said the labor market is not "remotely close" to the kind of substantial improvement the Fed wants to see before it will end its latest bond-buying program
"There is still a disproportionate share of part-time jobs reflected in the overall employment gains, long-term unemployment remains unacceptably high, labor force participation rates are still surprisingly low, and initial unemployment gains have not yet fallen to levels that seem consistent with a truly robust jobs picture," he said