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Fed's Lacker: Expect a positive GDP reversal in the second quarter

Following a drop in estimated GDP growth in the first quarter, Federal Reserve Bank of Richmond President Jeffrey Lacker said he expects a positive GDP reversal in the second quarter.

He called the 1 percent drop in GDP growth during the first quarter "not unexpected given the data flow we'd seen since the first release," adding that he's "not too concerned."

Read MoreIcy winter sends US Q1 growth plunging

This is a breaking news story. Please check back for updates.

Richmond Fed Reserve President Jeffrey Lacker has long called for a narrower and more restrained role for the central bank, arguing that it should shift back to a more traditional and less interventionist role.

Earlier this month, he said the central bank's ambitious use of balance sheet as a way to channel credit to particular economic sectors threatens to entangle the Fed in politics and puts the bank's independence at risk.

Read MoreFed's Lockhart: No rush to raise rates

--Reuters contributed to the report.

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