Federal Reserve Board Gov. Daniel Tarullo reiterated Thursday that the Fed needs to move carefully as it unwinds its liquidity facilities to ensure it does not disrupt still-fragile markets.

"As with all monetary policy decisions, we should ultimately tailor the particulars of our response to the circumstances as we find them," he said in a speech at the Federal Reserve Bank of New York's community bankers conference. "If anything, the unprecedented nature of this exercise means that we should be unusually attuned to economic and financial conditions during, as well as before, our exit, and we should be prepared to make prudent adjustments as necessary."

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