Fed's Lacker: Strong case for raising rates more rapidly

Fed Richmond President Jeffrey Lacker crossed the wires last minutes, via Reuters, stating during an event at West Virginia that he sees signs that inflation might be heating up.

Key headlines:

• He and the Fed expects inflation to rise up to 2%
• Following a policy rule helps maintain confidence
• Preemptive action helped the Fed establish credibility
• Asset market prices are relatively high
• Long-term interest rates have an impact on stock prices
• Is hard to say if asset prices are too high
• Be cautious is ignoring policy rule recommendations