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Fed's Plosser: Policy moves should depend on data

FXStreet (Łódź) - Philadelphia Fed president Charles Plosser said on Friday that the FOMC should cease referring in its statements to specific time brackets in which certain policy moves could be made. The actions should rather be dependent on data, such as inflation.

Plosser also urged the US Congress to eliminate employment from the Fed's mandate so that it could concentrate on the inflation target. He also suggested that comprehensive policy reports should be presented to Congess on a quarterly basis instead of just twice a year.

"Differing views are more transparent than a false consensus," Plosser added finally, which in the opinion of JAmie Coleman from FXBeat might mean that " there might be a bit more division on the FOMC than is apparent."

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