Fed’s Plosser Says He Hasn’t Cut His 2012 Forecast ‘Very Much’

Federal Reserve Bank of Philadelphia President Charles Plosser said he hasn’t significantly cut his forecast for 2012 U.S. economic growth as the impact from “shocks” like the earthquake in Japan subside.

“I’m inclined not to be marking down my 2012 forecast very much,” even though my “short-term forecast has moved around,” Plosser said today in an interview with Bloomberg News editors and reporters. He declined to specify how much he has cut his earlier prediction for 3 percent to 3.5 percent growth in 2012, and also said he has lowered his expectations for 2011.