Fed Member Details


Jeffrey Lacker

President, Federal Reserve Bank of Richmond

Policy Stance Hawkish
Voting Member Yes
Date Assumed Current Office 04/27/2015
Rate Outlook
A recent run of blockbuster jobs reports cemented Lacker's belief that the U.S. economic recovery is well on track. "Given the improvements in the labor market and other indicators, June will likely be an appropriate time to raise the federal funds rate target," Lacker said in March. "I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting." Lacker is unworried about inflation, saying moves in the dollar and in oil prices were likely transitory.
Prior to his appointment to head the Richmond Fed, Lacker was a senior vice president and the director of research for the Richmond Fed, a position he assumed in 1999. He first joined the Richmond Fed in 1989 as an economist, was named a research officer in 1994 and was promoted to vice president in 1996. Lacker has dissented at a number of Fed meetings, including four consecutive in 2006, once in 2009 and again in 2012. He cast the sole vote against quantitative easing by the purchase of mortgage-backed securities and the issuance of forward guidance at the September 2012 FOMC meeting. Lacker is a member of the Advisory Board of the Junior Achievement of Central Virginia. and director of the World Affairs Council of Greater Richmond.