Richmond Fed's Lacker on the economic outlook
"Many forecasters have been saying core inflation will moderate in the near term, and this certainly would be desirable. But such a moderation is not yet evident, despite the two most recent (Consumer Price Inflation) reports," Lacker said in his speech to the Charlotte, North Carolina Chamber of Commerce.
Lacker said it would take several months of data to provide convincing evidence that prices have moderated.
"In the meantime, the risk that core inflation surges again, or does not subside as desired, clearly remains the predominant macroeconomic policy risk," Lacker said.
In his speech, Lacker said he expected economic growth to start next year "on the low side," but should end the year at about 3 pct.
Speech by Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond, Annual Economic Conference, Charlotte Chamber of Commerce, Charlotte, North Carolina, 21 December 2006.
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