The Federal Reserve should consider cutting back its $600 billion Treasury bond-buying program if consumer spending holds up well and employment improves further, Richmond Fed President Jeffrey Lacker said on Tuesday.

I'm not ready to stop it right now, Lacker said during a panel discussion following a speech at the University of Delaware, but he added strong readings on jobs and sustained consumer spending would warrant a reevaluation of the program, which is designed to keep interest rates low and spur economic recovery.

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