The time when it's difficult to justify zero lower bound interest rates is "rapidly approaching," Federal Reserve Bank of Philadelphia President Charles Plosser said in a televised interview Friday, noting the public needs to realize the economy is not in "perpetual crisis."
Plosser repeated his position that rate hikes should be made sooner rather than later in an interview on CNBC.
Following the employment report, Plosser noted the numbers were "very good," and suggested a "fairly normal economy."
Plosser said he was opposed to use of the word "patient" in the Federal Open Market Committee statement, saying rate increases must be data-driven and the FOMC release should reflect that. "Sometimes we get carried away ... and it leads us into sort of contorted language."
