Despite its promises, economic conditions may force the Fed to raise rates before the middle of next year, according to Federal Reserve Bank of Philadelphia president and chief executive officer Charles Plosser.

“Monetary policy should be contingent on the economic environment and not on the calendar,” Plosser told participants at the 33rd Annual Economic Seminar in Rochester, N.Y., Wednesday, according to a prepared text of his remarks released by the Fed.

“In my view, making a perceived commitment based on calendar time risks confusing the public about how policy is formed,” he said. “If the committee wishes to provide forward guidance, then a better way of conveying such information is necessary.”

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