Federal Reserve Bank of New York First Vice President Christine Cumming said inflation in the U.S. is likely to remain “relatively low” for some time as the economy recovers.

“While trend inflation is quite low at the moment, we see it likely to be near the low point of this cycle,” Cumming said at an event hosted by the European Economics and Financial Centre in London.

“However, underlying inflation fundamentals suggest relatively low trend inflation for some time.”

Cumming also said U.S. economic conditions are “currently quite far away from levels consistent with the Federal Reserve’s dual mandate.”

“A wide array of recent indicators suggest that the U.S. economy entered 2011 with substantial forward momentum,” she said, according to the text of her presentation at the event.

“We still face painful structural adjustments in the housing and the government sectors that pose significant downside risks.”