Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, offered an explanation for his dissenting votes during the last six meetings of the Federal Open Market Committee (FOMC) in a speech at the University of Virginia.

Lacker said he supports keeping interest rates at close to zero, but objects to the committee's forward guidance; that the interest rate is likely to be kept at this level for "at least several years". Lacker said this was a highly imperfect way to communicate future