The recession now appears to be over, but the economy is still weak and the unemployment rate is much too high," William Dudley, president of the New York Federal Reserve Bank and a voter on the Fed's policy-setting Federal Open Market Committee (FOMC) said in a speech at Columbia University. "These circumstances underpin the FOMC's commitment to keeping short-term rates exceptionally low for an extended period." Dudley's comments echoed those made earlier by Chairman Ben Bernanke in suggesting the central bank is in no hurry to reverse its extensive monetary stimulus any time soon. The Fed cut benchmark U.S. ... (full story)