Recent economic data suggests the Fed should be raising rates, Federal Reserve Bank of Philadelphia President Charles Plosser said Friday.
"The data keeps telling us we ought to be raising rates," Plosser said in an interview on Bloomberg TV.
The Fed is getting closer to its dual mandate of full employment and price stability and should acknowledge that fact, Plosser said. "I think it's important that we acknowledge that we're getting closer to our objectives and for me, it's important we adjust monetary policy appropriately as we get closer to those objectives."
Keeping interest rates near zero until the dual man date is reached is a "very uncomfortable position"
With "historic amounts of accommodation" and the jobless rate at 6.1% and inflation nearing 2%, Plosser suggested the Fed could already be behind the curve in terms of raising rates.
