Richmond Fed President Jeffrey Lacker has explained that he opposed QE3 because it's unlikely to...

|By:, SA News Editor

Richmond Fed President Jeffrey Lacker has explained that he opposed QE3 because it's unlikely to boost growth, but if it does, it will lead to higher inflation. The FOMC's sole dissenter added that any improvement in unemployment appears to be held back by impediments that monetary policy can't offset. Finally, buying MBS's, or providing credit to particular economic sectors, "is an inappropriate role" for the Fed and is "the province of the fiscal authorities."