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U.S. economy

Fed's Kocherlakota touts tax cuts for business spending

"Cutting taxes on business investment is an effective form of economic stimulus that could go a long way toward mending the damage from the financial crisis and Great Recession, a top Federal Reserve official said on Saturday.

"In prepared remarks that did not touch on monetary policy, Minneapolis Federal Reserve Bank President Narayana Kocherlakota told a National Bureau of Economic Research conference that even apparently permanent damage to the economy can be reversed if policymakers are willing to take appropriate steps.