Federal Reserve Bank of Richmond President Jeffrey Lacker, an ardent internal critic of the central bank’s loose monetary policy, said he backs a Fed statement this week that it would be patient on raising interest rates.
“I support the characterization that we can be patient at this point,” he told reporters after taking part in a panel discussion in Charlotte, North Carolina. “That characterization could change from meeting to meeting for me.”
Lacker, who votes on monetary policy in 2015, dissented at every FOMC meeting in 2012, when he was last a voter, in favor of a less accommodative policy stance.
“At this meeting. I didn’t think we were there yet. I would like to see a little more data first” before increasing rates, he told reporters.
The Federal Open Market Committee said this week that it will be patient on the timing of the first interest-rate increase since 2006, replacing a pledge to keep borrowing costs near zero for a “considerable time.”
Chair Janet Yellen told reporters after the meeting the committee would probably not increase rates until at least past the first quarter.
“I think it is highly likely rates will go up next year, not a certainty but a likelihood,” Lacker earlier told the panel.
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