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NEW YORK CITY-Throwing some cold water on market fears that the Federal Reserve could soon taper off its third round of quantitative easing, the central bank’s New York president said Thursday that the Fed would maintain the status quo on QE3 if the economic recovery doesn’t keep pace with projections. At a press briefing here Thursday morning, William Dudley, president and CEO of the Federal Reserve Bank of New York, also said a near-term increase in interest rates was unlikely.

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