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November 05, 2013 AT 4:21 PM
The U.S. government shutdown and other budget battles should not derail the Federal Reserve from beginning to pull back the pace of monetary stimulus soon, Richmond Fed President Jeffrey Lacker said. The Fed surprised financial markets by maintaining its bond-purchase stimulus at a steady $85 billion per month in September. It did the same in October, although that decision was widely expected by markets given bets that a 16-day suspension of many government activities will hurt growth in the fourth quarter, and make it harder to get a clear read of economic trends.