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Fed links duration, extent of QE3 to 'sustained improvement' in jobs market.
Fed Chairman cites unemployment as a 'grave concern' in Jackson Hole speech.
Companies quick response to possible risks produces fits and starts in business cycle.
Central bank stands ready to take more action to boost recovery, Fed chairman says.
With high U.S. unemployment and financial stress in Europe, the Fed is expected to move toward a risk management strategy.
Policy makers could shift to risk management strategy as downside risks increase.