Fed's Lacker: Lots of uncertainty about future Trump economic policy

• Encouraged by Trump's pro-growth agenda
• Hard-to-find serious examples overvaluation in markets
• Expected US payroll growth to have slowed down by now
• Lacker says 60K job growth is needed to match labor force growth
• More interest rate adjustments are needed.
• Capacity expenditures is critical for improvement in productivity
• Businesses have been holding back prior to the election
• Key is for Fed to move ahead of inflationary pressures
• My guess is Fed will need more than three hikes in 2017
• Challenge  for the Fed is to engineer a soft landing

Lacker is not a voting member until 2018