CHARLESTON, W.V. (Reuters) - Richmond Federal Reserve President Jeffrey Lacker said on Tuesday he would have dissented at the central bank’s September policy meeting had he been able to vote, arguing that interest rates need to rise.
The Fed left interest rates steady at its Sept 20-21 meeting but three of the central bank’s 10 voting policymakers dissented because they wanted a quarter percentage point increase.
Lacker is one of seven policymakers who currently do not have a vote, but he made clear on Tuesday he would have pushed for rate increases last month.
“I would have dissented,” Lacker told reporters in Charleston, West Virginia. Lacker, who is next due to vote on policy at the Fed’s meetings in 2018, said the Fed should raise rates gradually “but not too gradually.”
Reporting by Jason Lange; Editing by Chizu Nomiyama