Fed's Lacker sees rates rising before late 2014

LOS ANGELES (MarketWatch)
Federal Reserve Bank of Richmond President Jeffrey Lacker said in a statement early Friday that he believes the Fed will need to raise its fed funds target rate earlier than late 2014
Lacker was explaining his dissent against the Fed's plan to hold interest-rate targets until at least late 2014
Lacker cited "moderate" economic expansion and inflation nearing the Fed's 2% target
Lacker said a rate hike could be needed sometime in 2013