"The underlying momentum of the recovery has proven relatively susceptible to successive headwinds," Brainard said.

Headwinds from abroad, including the risks associated with a Greek default and a slowdown in China, "may persist for some time," she said.

The Fed's policy setting committee meets in June and for the first time since the crisis will have the door open to an interest rate increase. Fed officials have signaled a June hike is unlikely, given the recent disappointment in some economic data and concerns that a more significant slowdown may be taking shape.

A recent appointee to the Fed, Brainard was previously head of international economic matters at the Treasury Department, closely attuned to issues like the structural economic problems faced by China and the implications of the euro zone crisis.

 

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