Plosser pushes for adoption of explicit inflation target

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Charles Plosser, president of the Philadelphia Federal Reserve, on Tuesday said the Federal Open Market Committee (FOMC) should improve communication with the public over policy by adopting an explicit inflation target.

At the Global Interdependence Center's 2011 Global Citizen Award Luncheon
Union League Club, in Philadelphia, Pennsylvania, Plosser said: "I see no reason for the FOMC not to simply make explicit that its longer-term inflation objective is 2%. Making such a clear and explicit

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