Fed presidents says zero interest needed

WASHINGTON, Nov. 11 (UPI) -- Senior Federal Reserve officials warned Tuesday a worrisome U.S. jobs picture will likely require the Fed to keep interest rates at near zero.

The presidents of three Fed branches delivered speeches around the United States bluntly stating the nation faces a potential jobless recovery that would keep unemployment uncomfortably high for the near future.

"We are in for a long slog," Dallas Fed President Richard Fisher said in Austin, Texas.

Two of Fisher's colleagues, Janet Yellen of San Francisco and Dennis Lockhart of Atlanta, said in separate appearances the economy is still too rickety to make any upward moves in interest rates despite fears current rates could trigger inflation.

MarketWatch said the speeches came after last week's closed-door meetings of Fed officials and indicated the need to create jobs was seen as worth the risk of inflation.

There was one contrary opinion from the Fed, MarketWatch said. Richmond, Va., Fed President Jeffrey Lacker told CNBC the economy was showing signs of growth that would accelerate as consumer spending picks up toward the end of 2009.