Fed's Lacker Says Economy Strong Enough For Higher Rates

Richmond Federal Reserve President Jeffrey Lacker on Saturday said he dissented at a Fed policy meeting because he thought the economy was now strong enough to warrant higher interest rates.

Fed policymakers on Thursday voted to keep the Fed's target interest rate at between zero and a quarter point.

"Such exceptionally low real interest rates are unlikely to be appropriate for an economy with persistently strong consumption growth and tightening labor markets," Lacker said in a statement.