Richmond Fed President Jeffrey Lacker said on Monday that inflation was likely to rise in coming years.
"I am reasonably confident that, barring subsequent shocks, inflation will move back to the FOMC's 2 percent objective over the medium term," he said.
Lacker noted that inflation was low due to low oil prices and a stronger U.S. dollar.
Lacker is not a voting member on the Federal Open Market Committee (FOMC) this year.
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