St Louis's Poole: How predictable is Fed policy?
"We don't have any schedule in front of us," Poole told reporters after delivering a speech on Fed transparency.
"I think the change will come when the committee is ready to stop raising rates. It would probably confuse the market to change the language and continue raising rates," he said.
Poole also said the outlook for inflation was unclear and "we could be surprised in either direction", noting that prices for some products like SUVs faced downward pressure, while plastic and other oil-based product prices were pushing up.
"Maintaining inflation stability is the central responsibility of the central bank. But we don't want to be in the situation of over-reacting and driving the economy down," Poole said.
Speech by William Poole, President, Federal Reserve Bank of St. Louis, University of Washington, Seattle, 4 October 2005.
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