Plosser, Charles

Mr. Plosser, speaking to reporters, again argued in favor of the Fed raising short-term rates off of their current near zero reading sooner rather than later. He also said the Fed needs to remove from its official policy statement its current commitment to be patient on the timing of rate rises.

Mr. Plosser also told reporters that he could see the Feds overnight target rate rising to 1% to 1.5% by years end. He noted that it would be better to get started on rate rises soon so that they can be gradual.