Jeffrey Lacker, the president of the Richmond Federal Reserve, on Tuesday said the recent pick-up in consumer spending and consumption was an indication the economy would grow robustly in the coming years.

Speaking at the University of Delaware, in Newark, Delaware, Lacker said: "The housing boom that preceded the recession has produced a housing stock that is too large, both in number and size, relative to what households want given current income prospects and credit market conditions. As a