NEWARK, Del. ? The head of the Philadelphia Federal Reserve Bank is warning against efforts to speed up the nation's economic recovery.
Charles Plosser says that with a very accommodative monetary policy already in place, officials must guard against the medium and longer-term risks of inflation.
Speaking Tuesday at the University of Delaware, Plosser noted that the Fed has kept the federal funds rate near zero for more than three years to support the economic recovery and has conducted two rounds of asset purchases to help stabilize the economy as well.
He says the nation's monetary policy should reflect the fact that the financial crisis has passed and the country is in the third year of a modest economic recovery.
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