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January 31, 2014 AT 7:04 AM
The Federal Reserve's decision to ratchet down its massive bond-buying program was a "modest but positive step," a top Fed official said on Friday, but continued super-easy monetary policies pose risks both at home and abroad. "I remain concerned that continuation of these policies could have significant long-term costs," Kansas City Federal Reserve President Esther George said at a Basel Committee/Financial Stability Institute high-level meeting in Cape Town, South Africa.