Plosser Says He Would Favor Tapering QE at June FOMC Meeting
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Federal Reserve Bank of Philadelphia President Charles Plosser said unemployment will probably fall to 7 percent at the end of 2013 and he would favor reducing the Fed’s $85 billion monthly pace of bond purchases next month.
“I would like to see us begin to scale this thing back beginning even as early as the next meeting” of the Federal Open Market Committee, Plosser said to reporters after a speech today in New York. The committee is scheduled to meet June 18-19. Plosser doesn’t vote on policy this year.