Federal Reserve forecasts pointing to four interest rate hikes in 2016 show what the U.S. central bank means when it says it anticipates raising rates at a “gradual pace,” Richmond Fed President Jeffrey Lacker said on Friday. The Fed raised the range of its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated that further hikes would be gradual. The central bank also said its median policymaker forecast expected the equivalent of four quarter-point hikes next year.