The lone dissenter at the past few Federal Reserve meetings explained his stance on Friday, insisting that rates will need to be hiked next year. Richmond Federal Reserve President Jeffrey Lacker is concerned that policy makers risk runaway inflation by keeping interest rates too low for too long. The Fed has made a conditional vow to keep interest rates at effectively zero though 2014 in support of the sluggish economic recovery. "I do not believe economic conditions are likely to warrant an exceptionally low federal funds rate for this length of time," Lacker said in a statement on the Richmond Fed's website. "My current assessment is that an increase in interest rates is likely to be necessary some time in 2013," he added. "As the expansion continues, the federal funds rate will need to rise in order to prevent the emergence of inflationary pressures."