Lacker, Jeffrey

It looks like we're in the midst of a contraction. [He said he is] expecting a contraction in economic activity
in the first half. ...

It's not over yet. I don't think it's going to end all at once.

I think the crucial variable is stability in the residential housing market in a broad number of geographies that we can have some confidence about our sense of where housing prices are going. The other major source of uncertainty that I think is consequential is non-residential construction spending. And we'll just have to see how that plays out.

From comments to press, as reported by Market News International and Reuters