U.S. economy to improve before rate cuts hit, Philly Fed's Plosser says

At least one member of the Federal Open Market Committee believes further cuts in interest rates probably won't be required to heal the economy. In a speech on Tuesday, Philadelphia Fed President Charles Plosser said he believes the weak U.S. economy will "improve appreciably" by the second half of the year, before the effect of any additional rate cuts would be felt. At the same time, Plosser said he saw "worrisome signs of underlying price pressures." Plosser, who is one of 10 voting members of the FOMC this year, is known as one of the most hawkish members of the committee, meaning he focuses more on fighting inflation than on maintaining steady growth