Federal Reserve Bank of Atlanta President Dennis Lockhart said he favors a monetary policy of “patient vigilance” and doesn’t rule out the possibility of more stimulus if the economy falters.

“I want to see how the economy evolves before drawing the conclusion that more stimulus is needed,” Lockhart said in a talk with students today at Georgetown University in Washington. “I don’t rule it out. We certainly have the tools to do more if the Fed or Federal Open Market Committee decides that we need more stimulus.”

Lockhart votes on the Fed’s monetary policy decisions this year.

To contact the reporters on this story: Steve Matthews in Atlanta at smatthews@bloomberg.net;

Jeff Kearns in Washington at jkearns3@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz in Washington at cwellisz@bloomberg.net