Fed’s Lacker explains dissenting vote on QE3


The only member of the Federal Open Market Committee (FOMC) to vote against a third round of quantitative easing (QE), Jeffrey Lacker, has explained the reasons behind his decision.

Lacker, who is president of the Federal Reserve Bank of Richmond, said in a statement on September 15 that he believes further stimulus was unlikely to result in a "discernible improvement" in growth, but brought the risk of increased inflation. "Further monetary stimulus runs the risk of raising inflation in a way

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