Plosser Says Fed Should Adopt Inflation Goal as Exit Nears

Federal Reserve Bank of Philadelphia President Charles Plosser said the U.S. central bank should set a numerical inflation target to promote price stability as it prepares to withdraw record monetary stimulus.

“The apparent strengthening of the U.S. economy suggests that, in the not-too-distant future, monetary policy will have to begin reversing course from a very accommodative policy stance,” Plosser, 62, said today at the annual Hyman P. Minsky conference in New York, organized by the Levy Economics Institute of Bard College.