Inflation goal yields better results: Plosser

WASHINGTON (Reuters) - A monetary policy guided by a commitment to low inflation achieves better economic results than a discretionary policy that allows officials to pursue short-term results that could come at the expense of long-term goals, a top Federal Reserve official said.

"Rather than constraining policy, honoring such promises enables monetary policy to attain better economic outcomes than those achieve by a discretionary policy regime that does not make commitments and thus cannot anchor the public's expectations of future inflation," Philadelphia Federal Reserve Bank President wrote in the regional Fed bank's annual report released on Wednesday.