Boston Federal Reserve President Eric Rosengren in a speech today argued that the Federal Open Market Committee should raise its short-term rate a quarter-point "at every other" meeting this year.

The Fed committee indicated that two more hikes are probably appropriate in 2017, following an increase at this month's meeting.

However, Rosengren believes four moves should be the Fed's "default" position unless the data directs that change is necessary.

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"Importantly, this would still be a fully data-dependent approach, not a preset path, as it would hinge on the incoming data - but the base case would be four tightenings, reflecting the strength of the economy that I believe justifies more regular normalization of interest rates," Rosengren said.