In 2012, Fed watchers got used to eight words: "Voting against the action was Jeffrey M. Lacker."
This phrase appeared near the end of every statement from the Federal Open Market Committee this year. At all eight 2012 committee meetings, Richmond Fed President Jeffrey Lacker was the sole dissenter. Now, after this week's December meeting, Lacker is not only sounding common inflation alarms but also leveling another charge: the Fed is overstepping its bounds.