Fed's Plosser stays hawkish on rates

Charles Plosser, the president of the Philadelphia Federal Reserve and a voting members of the rate-setting Federal Open Market Committee (FOMC), hinted that he would back a rate hold when the committee meets later this month.

Speaking on Tuesday, Plosser said: "I am still optimistic that the economy will improve appreciably by the third and fourth quarters of 2008, and that is when any monetary policy action today will begin to have noticeable effects."

"Overall real GDP growth will be

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