Speaking in an interview with CNBC, Philadelphia Fed President
Charles Plosser said the inflation threat was “serious”, and
called it an “insidious tax on consumers”.
Turning towards the credit crunch, the Philadelphia
Fed President warned that financial markets were not out of the woods
yet, adding that, “We’re going to see some ups and down and bumps along
the way.” Nevertheless, he noted that things appeared to have improved
over the last couple of months.