Fed president wants faster taper

The president of the Federal Reserve Bank of Philadelphia, Charles Plosser, suggested in a speech yesterday that US quantitative easing should be clipped at an even faster pace, and the entire programme could come to an end by the middle of the year, before unemployment reaches the Fed’s 6.5 per cent threshold. He added that the US labour market is “improving rapidly”. Plosser is a voting member on the Fed’s board this year.