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An April 10 appearance and speech in Sarasota from Federal Reserve Bank of Richmond President Jeffrey Lacker was a market mover.
A MarketWatch report said investors “will closely be watching (Lacker) in Sarasota for hints as to when the central bank might start to tighten policy” on interest rates.
Lacker spoke at an event put together by the Global Interdependence Center, a Philadelphia-based nonprofit, and the Financial Planning Association of the Suncoast.
Considered one of the most aggressive Fed members on inflation, Lacker says short-term interest rates could be raised in June. He cites several factors to back his position, including improvements in consumer finances, household balance sheets and the job market.
The longest serving Fed president, with a tenure that started in 2004, Lacker realizes inflation is on the minds of a lot of people. And while Lacker supports a rate increase, he realizes monetary policy moves slowly — and that's not all bad.
“I'm reminded of the old cliche that the job of a central banker is to take away the punch bowl just as the party gets going,” Lacker says. “We are still going to be spiking the punch bowl, just not as rapidly as we have been.”
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