Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said economic growth would be maintained at a moderate pace for the rest of 2010 as spending by businesses and consumers accelerated. However, Mr. Lacker did not express support for any immediate monetary-policy changes. "I think the recent data has made me think that it might be sooner rather than later that we remove that language" on how long low rates will be maintained, Mr. Lacker said. "I'm not there yet."
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