In June and August 1999, Bob McTeer, President of the Dallas Fed became known as the “Lonesome Dove” for being the only FOMC member to vote against Fed rate hikes. Today, we have a new bird - the “Lonesome Hawk” - aka Jeff Lacker. Going into the meeting, I expected that Lacker was going to have some company with a vote for a 25 bps increase to the Fed funds rate. I was wrong about the vote and mostly wrong about the statement which was predominantly dovish. Regardless, Mr. Lacker is a man of conviction and so is Mr. McTeer. I get the sense that everyone is getting a little annoyed with Mr. Lacker’s obstinance and just want him to step in line. I doubt that will happen until he is firmly convinced that he is wrong about inflation. One thing that Mr. Lacker and all the rest of us should remember - Bob McTeer was right as the Lonesome Dove even though it wasn’t easy or popular to be right. At a time when the market is fixated on Goldilocks, I respect Lacker for providing the alternate view.