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Jeffrey Lacker |
Richmond Federal Reserve President Jeffrey Lacker said it was reasonable to expect the U.S. economy to reverse its downward track some time in 2009, and warned of inflation risks in any rebound.
"Many analysts expect the U.S. economy to regain positive momentum sometime in 2009," he said in remarks prepared for delivery to the Tech Council of Maryland.
"That strikes me as a reasonable expectation," he said. He said the downturn in the economy poses challenges for monetary policy in the period ahead, including a possible rise in inflation expectations.
"It's essential that we not let inflation drift from view," Lacker said. "It may seem premature to be worrying about how inflation behaves after the recession is over, but we need to be sure our policy remains consistent with a strategy that does not allow inflation to ratchet up over the business cycle," he said.
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