Philadelphia Federal Reserve President Charles Plosser tells TheStreet's Joe Deaux that the central bank's policy-making arm likes to have flexibility on its forward guidance, but he thinks it should be more specific. Plosser says that if the Fed didn't think the unemployment rate was relevant, then it shouldn't have used the guidance. While Plosser didn't think the latest policy statement was perfect, he admits he was 'moderately pleased' and called it a step in the right direction.

More from Video

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

This Could Be the Summer of Hard Seltzer

This Could Be the Summer of Hard Seltzer