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Fed pres. Plosser to BTV: Optimistic of US Growth; Concern about Japanese Model

Federal Reserve Bank of Philadelphia President, Charles Plosser joined Bloomberg Television's Tom Keene, Scarlet Fu and Adam Johnson as guest host this morning on "Bloomberg Surveillance" and said over the hour:

  • Yellen very 'talented' Fed leader.
  • Inflation doesn't seem to be slowing further.
  • 'Not worried' about disinflation.
  • Will vote on monetary policy this year.
  • He sees 'temporary factors' behind slow inflation.
  • Stock market rising mostly on 'fundamentals.'
  • Economy was 'devastated' during great recession.
  • 'Optimistic' about long-term economic outlook.
  • Fed not in place now to start raising rates.
  • He see's inflation risk form being 'forever' at zero bound.
  • Says economic data 'very noisy.'
  • May take a few months to get 'handle' on economy.
  • Fed 'concerned' about size of its balance sheet.
  • 6.5% threshold on unemployment is obsolete.
  • Unemployment rate 'is still meaningful.'
  • Fed needs to be explicit about data shaping policy.
  • Low rates may cause 'misallocation of capital.'
  • 'Economy is better shape' than in a number of years.
  • May take a few months to get 'handle' on economy.
  • Labor force participation has been declining for years.
  • Fed can't 'fine tune' U.S. labor market.
  • There's no 'silver bullet' to help labor market.
  • Try and get us to revisit role versus discretionary theory every day.


Video: What Does the Future of a Yellen Fed Look Like?

 

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