Philly Fed President Plosser on Fox Business: "The Economy Would Have to Deteriorate Significantly" Before QE3 was Implemented

Philadelphia Federal Reserve President Charles Plosser spoke with FOX Business Network's (FBN) Peter Barnes about the March jobs report and overall health of the economy. Plosser said the March jobs number “was a little disappointing” but he doesn't think it “means much.” He went on to say “the economy would have to deteriorate significantly before I would consider doing more easing of any kind.” Excerpts from the report are below, courtesy of Fox Business Network. On the March jobs report: “I didn't make that much out of it. I called it a moderate report; wasn't as strong as the last three months. It was a little disappointing, but I don't think it means much. It was pretty good. These numbers bounce around. It hasn't really changed the way I am looking at the economy or policy at this point.” On the overall health of the economy and whether he would support another round of quantitative easing: “The economy would have to deteriorate significantly before I would consider doing more easing of any kind. I think the economy is generally improving. I have a forecast that calls for 2012 and 2013 to have GDP growth of about 3%. I think the unemployment rate is going to continue to creep down slowly; it is going to be a slow slog out of a very deep recession. I think we will keep inflation under control this year and next, although I think the risk down the road when the economy picks up is when we try to exit this period of great accommodation. I am not as worried about Europe as I was in the fall.”