Richmond Federal Reserve President Jeffrey Lacker on Friday identified himself as the lone dissenter on the Fed’s so-called exit strategy, and said his opposition stemmed from the central bank’s plan to keep holding mortgage-backed securities.
Lacker has previously opposed the Fed’s purchase of mortgage-backed securities (MBS) because he feels it singles out a certain sector and gives it an advantage over other borrowing by consumers.
The Fed announced on Wednesday a new set of plans related to whittling down its $4.4 trillion balance sheet, built up through three large-scale bond buying programs.
The strategy, known officially as “Policy Normalization Principles and Plans”, outlined various steps it will take in moving away from the loose policy that has been in place since late 2008. The policy-setting Federal Open Market Committee (FOMC) said all but one of its participants agreed with the approach.
via Reuters 
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