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Nov. 10, 2009, 4:59 p.m. EST · Recommend ·
Fed's Lacker: Economy in pretty good shapeRelated stories
Jobs and growth argue for low rates: Fed officials (12:37p)
By Greg Robb WASHINGTON (MarketWatch) -- Richmond Federal Reserve president Jeffrey Lacker said Tuesday that he thought the economy was in pretty good shape, but refused to be drawn into a discussion about a timetable for the central bank to push interest rates higher.
Lacker is among a group of Fed bank presidents more willing than other Fed officials to begin the process of normalizing monetary policy. Lacker said in an interview with CNBC that the key to any tightening would be the rate of economic growth and not the labor market.
Earlier Tuesday, other Fed officials said the weak labor market was central to their outlook for monetary policy. Lacker was relatively upbeat about the economy. He said consumer spending, a key source of momentum for the economy, had probably "hit bottom" and would gather steam in coming months.