The U.S. economy is approaching the Fed’s economic targets faster than expected and might push the central bank to accelerate plans to increase interest rates, Philadelphia Federal Reserve Bank President Charles Plosser said on Tuesday.
Plosser said he had increasing confidence in economic growth, and added that inflation was trending higher and unemployment likely to fall faster than many of his central bank colleagues project.
“The current data suggest economic strength is fairly broad-based,” Plosser, who is a voting member of the Fed’s policy-setting committee this year, said in morning remarks at the Economic Club of New York.
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