Richmond's Lacker says rate decisions more complex

The president of the Federal Reserve Bank of Richmond said Thursday short-term U.S. interest rates probably won't reach a plateau and then remain steady as financial markets now predict.

Standing before the National Economists Club in Washington, Jeffrey Lacker said that interest rates will likely fluctuate during the economic expansion ahead.

"Thus, whenever the current sequence of tightening moves reaches completion, short-term interest rates should not be expected to remain constant for an e