Comments from Philly Fed President Charles Plosser:
- Keeping Fed Funds near zero when inflation is near goal and economy near full employment is risky
- PCE inflation gauge remains above the level that should stoke concerns of sustained deflation
- Advocates for rules-based approach to be communicated through a quarterly monetary policy report
- Fed should avoid date-based or vague forward guidance
- Full text
Typical hawkish commentary from Plosser, who is retiring early next year.
He will take questions from the audience and the press later.