The Federal Reserve should increase interest rates "sooner" so hikes can be gradual, rather than wait and need to raise rates quickly, Federal Reserve Bank of Philadelphia President Charles Plosser said Thursday in televised interview.
"I would prefer us to begin raising rates sooner and raising them more gradually," Plosser told CNBC.
Labor markets no longer have a lot of slack, he said from the Kansas City Fed's gathering in Jackson Hole, Wyo.
If the Fed waits too long to raise rates, it increases the possibility rates will have to be adjusted upward "very quickly in response to a stronger economy and perhaps more inflation."
