Calling the Federal Open Market Committee’s decision “inappropriate policy at an inappropriate time,” and its statement on the economy “excessively negative,” Federal Reserve Bank of Philadelphia president Charles Plosser said he would have liked to wait until September and examine more data before making such a move.
“Personally I believe we’re going to have to raise [policy rates] well before 2013,” Plosser told Bloomberg Radio. “A lot can change in two years.”
Whenever that date is, he said, “it’s unlikely to be two years from now” and it will depend on the data.
