Richmond Federal Reserve Bank President Jeffrey Lacker Friday explained his disagreement with the belief held by his fellow monetary policymakers that the federal funds rate will need to be kept zero through late 2014 or longer.

Lacker, the lone dissenter on the Fed's policymaking Federal Open Market Committee which left accommodative monetary policy in place Wednesday but did not take additional easing steps, also said there is too much uncertainty about the economic outlook to warrant the Fed continuing to publicly anticipate the benchmark rate likely will have to be kept near zero for another two years or more.

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