Federal Reserve

Richmond Fed President Lacker to retire in October

Richmond Fed President Jeff Lacker to retire

Jeffrey Lacker said Tuesday he is retiring as president and chief executive officer of the Federal Reserve Bank of Richmond, the second announced departure from the Fed since September.

Lacker, 61, will retire on Oct. 1. He has spent 28 years at the Richmond bank and is currently a nonvoting member of the Federal Open Market Committee. The Richmond district president will have a voting position in 2018.

"It's been an honor to serve the Federal Reserve," Lacker said. "I feel fortunate to have spent time throughout the Fifth District learning first-hand about people's economic experiences, and to have participated in some of the most extraordinary policy deliberations in our nation's history. It's been my deepest privilege to lead the Richmond Fed and the dedicated people who work here."

Lacker joined the Richmond Fed in 1989. He served in various leadership positions prior to this appointment as president in August 2004.

Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University. He also previously worked at Wharton Econometrics in Philadelphia.

Atlanta Fed President Dennis Lockhart announced in September he will be stepping down as of Feb. 28.

Lacker recently said the Federal Reserve may have to raise interest rates quicker than markets currently predict should President-elect Donald Trump's fiscal stimulus boost the economy.

"Monetary policy rates are likely to increase, and my view is that they may need to increase more briskly than markets appear to expect, depending on developments as the year unfolds," Lacker said.

The Richmond Fed's Board of Directors said it will form a search committee to find a successor.

—Reuters contributed to this report.