Philadelphia Fed president Plosser says rates should rise sooner rather than later

Unperturbed by the latest ructions in global capital markets, on Thursday the president of the Federal Reserve bank of Philadelphia, Charles Plosser, said the US central bank should begin raising its main policy rate “sooner rather than later.”

"Waiting too long to begin raising rates - especially waiting until we have fully met our goals for maximum employment - is risky because we cannot know when we have arrived," Plosser said in a speech delivered in Allentown, Pennsylvania.

Two other Fed policy makers are due to deliver speeches on Thursday, the presidents of the Federal Reserve banks of Minneapolis and St.Louis, Narayana Kocherlakota and James Bullard.