February 28, 2014 / 1:10 PM / 4 years ago

Fed's Plosser urges patience with U.S. economic data

WASHINGTON, Feb 28 (Reuters) - Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said on Tuesday that he sees steady growth in the U.S. economy despite recent concerns about the winter weather and its impact on economic data.

Plosser, speaking in an interview on Bloomberg Television, said it may take a few more months to get a better sense of what various economic indicators are showing.

“The data is very noisy right now, extremely noisy with the weather and other things,” Plosser said. “We have to be a little patient.”

Plosser said he was optimistic about the nation’s turnaround and said the economy is “in a firmer position than it’s been in a number of years.” He also reiterated forecasts, saying he sees close to 3 percent growth for 2014.

“We’re going to have a sort of steady pace of growth going forward,” he told Bloomberg.

He also reiterated the Federal Reserve’s plans to use various “technical tools” to control the flow of reserves as it moves away from its stimulus.

“As we unwind from this, as we move towards normal policy, we’ve got to manage that exit... with a variety of tools so that we keep control,” he said.

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