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.