‘Over three rate hikes likely needed’

CHARLOTTE, NC: The Federal Reserve will likely need to raise interest rates more than three times next year and faces challenges in gradually cooling off the U.S. economy, Richmond Fed President Jeffrey Lacker said on Friday."If we get behind, it's hard to really calibrate," Lacker said during a panel discussion in Charlotte, North Carolina.

The U.S. central bank raised its target range for rates by a quarter of a point on Wednesday and projected three more hikes next year. Lacker, who did not have a vote but participated in the Fed's policy meetings this year, said the U.S. economy would likely receive some fiscal stimulus under the Trump administration. He said the Fed would still be able to raise rates gradually, but perhaps not as slowly as is expected by the majority of policymakers.