NEW YORK (Reuters) - The U.S. economy remains on track to grow 3 percent in 2014 despite harsh winter weather that battered the first quarter, Philadelphia Federal Reserve President Charles Plosser said on Thursday.
First quarter gross domestic product, which grew only 0.1 percent, was “not very pretty,” Plosser said in an appearance at the Council of Foreign Relations in New York. Some economists project the economy might eventually contract.
But Plosser said he sees signs the economy has regained some of the mometum it had prior to the first quarter.
Reporting by Richard Leong; Editing by Chizu Nomiyama nN9N0MN02R