Fed's Lacker explains his dissenting vote

Via Reuters:

Lacker, explaining his decision at the Fed's Aug 8 meeting to break with the majority and vote for a rate increase, told Bloomberg Television: "I dissented because I thought we needed to bring inflation down more rapidly than would otherwise be the case without a move at that meeting."

"The risk of raising rates at that meeting for lower real growth was not appreciable and, moreover, I didn't think real growth moderating -- as it's likely to over the next couple of quarters -- was going, by itself, to bring inflation down," he said. "I think there is a danger of inflation becoming entrenched at the level it is now."

He said that since Fed officials last met, he had seen nothing in the data to change his assessment of the outlook.

In related news, James Hamilton has a different take on the recent data.