The pick-up in output and employment would be slow because uncertainties remained on legislatives initiatives and issues in the banking sector, Narayana Kocherlakota, the president of the Federal Reserve Bank of Minneapolis, said in his maiden speech on Tuesday.

Describing the news as "mostly good on the inflation front", he linked his relative pessimism on growth to results from the Minneapolis Fed's statistical forecasting model, uncertainty in Washington on the path forward and remaining