Fed looking at rate hikes?

Well, the Philadelphia Fed chief, Charles Plosser, says it needs to.

“Sooner rather than later” is Plosser’s sentiment:

“Inflation is already too high and inconsistent with our goal of — and responsibility to ensure — price stability,” Plosser said in a speech to a group assembled by the Philadelphia Business Journal.

“We will need to reverse course — the exact timing depends on how the economy evolves, but I anticipate the reversal will need to be started sooner rather than later,” he warned. “And, I believe it will likely need to begin before either the labor market or the financial markets have completely turned around,” he added.

Plosser is known as an inflation hawk amongst the national Fed board of governors.