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Fed's Lacker-U.S. growth on track despite weaker March payrolls
April 9, 2013 / 3:59 PM / 5 years ago

Fed's Lacker-U.S. growth on track despite weaker March payrolls

RICHMOND, Va., April 9 (Reuters) - Richmond Federal Reserve President Jeffrey Lacker said on Tuesday he was not concerned by a weaker-than-expected March payroll report, which alarmed markets that the U.S. economy might suffer a ‘spring swoon’ when it was published last week.

“My forecast is intact,” Lacker told reporters after delivering a speech at the University of Richmond on ending ‘too big to fail’ banks.

“This recovery is one with some stretches of above-trend growth and some stretches of below-trend growth,” he said. “I still think we’re going to get a little over 2.0 (percent GDP growth), maybe 2-1/4 (percent) this year.”

Lacker, who is one of the most hawkish Fed officials but does not have a vote on its policy-setting committee this year, said that he judges the current trend growth rate of the U.S. economy to be 2 percent.

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