CHARLOTTE, N.C. — Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, warned Monday against "steering monetary policy off course" by "targeting unemployment" instead of inflation.

The noted inflation hawk, who is not a voting member of the policymaking Federal Open Market Committee this year or next, minimized the risk of deflation and said that while inflation is "well contained" now, that containment should not be "taken for granted."

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