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The Federal Reserve will likely consider further reductions in the pace of bond purchases at coming meetings given the improvement in the labor market conditions, a top Fed official said on Friday. Richmond Federal Reserve President Jeffrey Lacker said although a recent pick-up in U.S. economic growth was encouraging, he expected the pace of expansion to ease this year to closer to 2 percent. Some policymakers have expressed concern about inflation running persistently below the Fed’s 2 percent target — on its preferred measure inflation is running at just 1.1 percent on an annual basis.

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