Though it would not end difficult policy choices, an explicit monetary policy framework would improve effectiveness, Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said Tuesday, noting that he would take more steps than just flexible inflation targeting.

While the United States has historically used discretion rather than a framework to set monetary policy, steps have been taken “toward the more mainstream approach of flexible inflation targeting,” Plosser told the Union League Club, according to prepared text of his remarks released by the Fed.

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