Fed's Lacker: 'Upward adjustment needed' for Fed rate target

• Inflation compensation was improving before election
• Inflation, jobs and fiscal outlook all point to the need to hike
• Fed target is exceptionally low

Lacker calling for hikes is nothing new, he's been doing the same song and dance for almost a decade.

• Expects 2016 GDP to finish at 2%
• Sees inflation close to target in 2017
• Tighter jobs market will add to inflation