Charles Plosser told the Greater Philadelphia Chamber of Commerce that US monetary policy should be “returned to a more normal footing,” following preset rules.
The group, which staged a march this morning from Independence Hall to the Federal Reserve at Sixth and Arch Streets, says the Fed’s replacement process is dominated by major financial firms and corporations.
Charles Plosser, president of the Federal Reserve Bank of Philadelphia, admitted that December’s jobs number was a disappointment, but he says the long-term trend is positive
Numerous polls show that Americans, with the steepest income gap of any developed country, are concerned about the growing trend but are divided over what to do about it.
Charles Plosser says the economic outlook is for modest growth and declining unemployment in our region.
“I expect to see only modest declines in the unemployment rate,” Charles Plosser told the breakfast gathering, “probably little change over the rest of this year but then gradually falling to 8½, perhaps 8 percent by the end of 2012.”
But there was bad news, too — on employment.