Fed's Plosser Says FOMC Must Draft More Specific Guidance

Philadelphia Federal Reserve President Charles Plosser tells TheStreet's Joe Deaux he thinks FOMC guidance should be more specific.
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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.