NEW YORK - Richmond Federal Reserve Bank President Jeffrey Lacker said Monday he wouldn't rule out further monetary stimulus if inflation were to persistently fall below target, but warned that, as things now stand, additional stimulus would be likely to increase inflation without doing much to spur economic growth.

Lacker, appearing on Fox Business News, said the Fed's policymaking Federal Open Market Committee is likely to need to raise the federal funds rate from near zero by the end of 2013. Following the FOMC's last meeting on April 25, he had said mid-2013.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.