Richmond Fed's Lacker Calls For Higher Interest Rates

Richmond Fed President Jeffrey Lacker on Friday said at a panel discussion in Charlotte that an adjustment is needed toward higher interest rates. Speaking just two days after the Fed lifted interest rates and projected three more increases in 2017, Lacker said the central bank will likely need to increase rates more quickly than that. He said there's increased uncertainty for the economy due to the election outcome, and some prospect that policies will be put in place that promote economic growth. He added it's hard to find serious examples of overvaluation in markets. Lacker isn't a voting Federal Open Market Committee member in 2017.