April 8, 2014 / 8:00 PM / 4 years ago

Fed should be more specific about rate-hike plans-Plosser

PHILADELPHIA, April 8 (Reuters) - The Federal Reserve should be even more specific about when it plans to tighten policies after it took a step in the right direction last month, a top U.S. central banker said on Tuesday.

Philadelphia Federal Reserve Bank President Charles Plosser said, however, that the central bank is “not even close to withdrawing support prematurely,” when asked by reporters about the longer-term plans. He said the timing of the first rate rise, which will probably come next year, will be “all about the data.”

After a policy-setting meeting last month, the Fed dropped a reference to specific unemployment and inflation levels as a guide for when it would raise rates. Instead, it said rates will stay low for a considerable time beyond the end of a stimulative asset-purchase program, which should wind down later this year. (Reporting by Jonathan Spicer; Editing by Jan Paschal)

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