Lacker explains dissenting votes

jeffrey-lacker

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, offered an explanation for his dissenting votes during the last six meetings of the Federal Open Market Committee (FOMC) in a speech at the University of Virginia.

Lacker said he supports keeping interest rates at close to zero, but objects to the committee's forward guidance; that the interest rate is likely to be kept at this level for "at least several years". Lacker said this was a highly imperfect way to communicate future

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