(Reuters) - Philadelphia Federal Reserve President Charles Plosser on Friday said he expected the U.S. unemployment rate, currently 6.3 percent, to continue churning lower and perhaps fall below 6 percent by year end.
Speaking on CNBC, Plosser also said he expected a rebound in U.S. economic growth after the first-quarter’s contraction, which he ascribed to transitory factors such as this past winter’s harsh weather. It would not be unreasonable to see growth average around 3 percent on an annual basis for the rest of this year, he said.
Plosser declined to offer a specific time frame for when the Fed may begin to raise interest rates, saying that determination is data-dependent. The Fed has held its official policy rate at between zero and 0.25 percent since December 2008.
Reporting By Dan Burns; Editing by Chizu Nomiyama