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Weaker-willed men (and women?) may say the Fed is tapering too much. That the economy is still vulnerable and in need of stimulation. Philly Fed President Charles Plosser knows better: The problem is not too much tapering but too little, and he is ready to take things a little closer to the scalp.
“We must back away from increasing the degree of policy accommodation in a manner commensurate with an improving economy,” Mr. Plosser told a panel in Paris. “Reducing the pace of asset purchases in measured steps is moving in the right direction, but the pace may leave us well behind the curve if the economy continues to play out according to the FOMC forecasts….”
“If the economy continues to improve, we could find ourselves still trying to increase accommodation in an environment in which history suggests that policy should perhaps be moving in the opposite direction,” Mr. Plosser said.