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10 Mar 2014
Fed's Plosser expects US unemployment to fall to 6.2% by the end of 2014
FXStreet (Łódź) - Philadelphia Fed President Charles Plosser said today in a speech delivered at the Bank of France alongside Governor Christian Noyer that he expected US unemployment to drop even lower than 6.2% by the end of the year.
The voting FOMC member suggested that the last three Nonfarm Payrolls monthly readings were weaker due to the “effect of the unusually severe winter weather,” but that he expected the US labor market to improve from now on.
He also suggested that the US economy would expand by around 3% this year and that upside risks to inflation existed in the longer term.
Plosser, a critic of the Fed's quantitative easing program, also expressed hope that the central bank's monetary policy would return to “normalcy” as soon as possible.
The voting FOMC member suggested that the last three Nonfarm Payrolls monthly readings were weaker due to the “effect of the unusually severe winter weather,” but that he expected the US labor market to improve from now on.
He also suggested that the US economy would expand by around 3% this year and that upside risks to inflation existed in the longer term.
Plosser, a critic of the Fed's quantitative easing program, also expressed hope that the central bank's monetary policy would return to “normalcy” as soon as possible.