Joined the Federal Reserve: August 1, 2004
Date of Birth: September 27, 1955
| Summary | Lean | Statement Date | Publication Date |
|---|---|---|---|
| 1 Can Monetary Policy Affect Economic Growth?: "Current estimates of the natural rate of interest in the United States are subject to a fair amount of uncertainty, but most are clustered at or just above zero. This is well above the actual real funds rate, which has been running below negative one.8 So at this point, estimates of the natural real rate of interest do not suggest that the zero lower bound is impeding the Fed’s ability to attain its 2 percent inflation objective. In fact, this perspective would bolster the case for raising the federal funds rate target." | Hawkish | February 24, 2016 | February 24, 2016 |
| 2 Economic Outlook, January 2016: "I agree that we are in a period of lower-than-average real interest rates, and that this has implications for monetary policy. The important point to recognize, however, is that actual real interest rates — at about negative 1 ¾ percent — are now substantially below estimates of the current natural rate, which as I noted are around zero. Moreover, while the natural interest rate is lower than usual right now, over time one might expect it to rise as it reverts toward its longer-run mean. So despite the relatively low natural real interest rate, there are still strong reasons to expect real short-term interest rates to rise in the near term." Similar to Prior Statement | Hawkish | January 12, 2016 | January 12, 2016 |
| 3 Economic Outlook, January 2016: "I agree that we are in a period of lower-than-average real interest rates, and that this has implications for monetary policy. The important point to recognize, however, is that actual real interest rates — at about negative 1 ¾ percent — are now substantially below estimates of the current natural rate, which as I noted are around zero. Moreover, while the natural interest rate is lower than usual right now, over time one might expect it to rise as it reverts toward its longer-run mean. So despite the relatively low natural real interest rate, there are still strong reasons to expect real short-term interest rates to rise in the near term." Similar to Prior Statement | Hawkish | January 8, 2016 | January 8, 2016 |
| 4 Economic Outlook, January 2016: "I agree that we are in a period of lower-than-average real interest rates, and that this has implications for monetary policy. The important point to recognize, however, is that actual real interest rates — at about negative 1 ¾ percent — are now substantially below estimates of the current natural rate, which as I noted are around zero. Moreover, while the natural interest rate is lower than usual right now, over time one might expect it to rise as it reverts toward its longer-run mean. So despite the relatively low natural real interest rate, there are still strong reasons to expect real short-term interest rates to rise in the near term." | Hawkish | January 7, 2016 | January 7, 2016 |
| 5 Fed's Lacker says four rate hikes in 2016 would be "gradual": "Federal Reserve forecasts pointing to four interest rate hikes in 2016 show what the U.S. central bank means when it says it anticipates raising rates at a "gradual pace," Richmond Fed President Jeffrey Lacker said on Friday. "That's half the rate at which we raised rates in the last tightening cycle. So that's what 'gradual' means to me," Lacker told reporters in Charlotte, North Carolina after participating in a business panel discussion." | Hawkish | December 18, 2015 | December 18, 2015 |
| 6 Lacker: Next rate hike could come at any meeting: "I think [the rate hike is] a sign of the strength of the US economy. I think it's a fundamentally positive reflection of how far we've come since the recession." | Neutral | December 18, 2015 | December 18, 2015 |
| 7 Richmond Fed President Jeffrey M. Lacker: case has strengthened to raise interest rates: "It does seem now that job market conditions continue to improve at a very healthy clip. I think the employment report for October is what, in the minds of many observers, has sealed the case for a rate increase. Of course, a lot can happen between now and then, and there is some more data to come in, but I think the case has been strengthened since September." (It is not clear on what date this interview took place.) | Hawkish | November 28, 2015 | November 28, 2015 |
| 8 Lacker: Fed audit 'high-frequency harassment': "Lacker, a voting member of the Federal Open Market Committee this year, was the lone dissenter last month, saying the economy was strong enough to handle a rate increase. He was also the only dissenter at the FOMC's September meeting, which saw the Fed keeping rates steady, in part because of global growth concerns sparked by China. Making his case for a hike, Lacker said consumer spending growth has been "exceptionally strong."" | Hawkish | November 18, 2015 | November 18, 2015 |
| 9 Why Jeffrey Lacker Is Worried About Inflation: "I can’t predict the meeting and what my colleagues will do, but it does look like the recent data, and particularly the October employment report, has strengthened the case for raising rates. I’ve thought the case was strong for over six months now. I’m hoping I can be more persuasive in December." | Hawkish | November 11, 2015 | November 12, 2015 |
| 10 Richmond Fed President Jeffrey Lacker Comments on FOMC Dissent: "I dissented because I believe that an increase in our interest rate target is needed, given current economic conditions and the medium-term outlook. My assessment is essentially unchanged from the Committee’s September meeting, at which I also dissented." | Hawkish | October 30, 2015 | October 30, 2015 |
| 11 Fed’s Lacker: My views haven't changed much since September: "Well, I think the higher sustained growth we've seen in real consumer spending strongly suggests that real interest rates need to be higher than they are now. It seems unlikely that real interest rates where they are -- at below -1% inflation-adjusted interest rates -- is going to be sustainable with this stretch of consumer spending growth at this pace." | Hawkish | October 14, 2015 | October 14, 2015 |
| 12 Lacker: Fed Taking Risks With Economy at Full Employment: "Federal Reserve Bank of Richmond President Jeffrey Lacker said the U.S. is already at full employment and the central bank may risk overheating the economy as it attempts to drive additional job gains. With the unemployment rate at 5.1 percent, the central bank has achieved its goal and "exhausted relevant slack in the labor market," the Richmond Fed chief said." | Hawkish | October 8, 2015 | October 9, 2015 |
| 13 Richmond Fed’s Lacker Says October Rate Rise Possible: "The Federal Reserve could get enough new information by its late October policy meeting to spur officials to raise short-term interest rates then, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said in an interview with The Wall Street Journal on Wednesday." | Hawkish | September 30, 2015 | October 1, 2015 |
| 14 Richmond Fed President Jeffrey Lacker Comments on FOMC Dissent: "The Federal Open Market Committee (FOMC) decided on September 17, 2015, to maintain a target range of zero to 25 basis points for the federal funds rate. I dissented because I believe that an increase in our interest rate target is needed, given current economic conditions and the medium-term outlook." | Hawkish | September 19, 2015 | September 19, 2015 |