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Jeffrey Lacker, the president of the Richmond Fed, said Tuesday that he expects the Fed to start raising interest rates in the near future.
"Given the improvements in the labor market and other indicators, June will likely be an appropriate time to raise the federal funds rate target," Lacker wrote ahead of speech prepared for delivery to the Greater Richmond Chamber of Commerce.
"I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting."
He said that while inflation is subdued, he expects consumer prices to heat up.
"Energy prices are unlikely to fall forever - indeed, it looks as if they may have bottomed out for now. If so, headline inflation is also likely to begin moving back toward 2 percent this year."
