Plosser: FOMC low-rates pledge was inappropriate (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Philadelphia Fed President Charles Plosser, who dissented from the Federal Reserve's pledge to keep rates low through mid-2013, told Bloomberg Radio that the move was "inappropriate." "It was inappropriate policy at an inappropriate time," Plosser said. "A little patience might be a good idea." Plosser said that it wasn't clear that the economy needed additional stimulus, especially given rising inflation and a decline in the unemployment rate since November to 9.1%, and also said the central bank shouldn't feel the need to act just because fiscal policy may be hamstrung. Minneapolis Fed President Narayana Kocherlakota last week explained his dissent, and the third "no," Dallas Fed President Richard Fisher, will deliver a speech later on Wednesday. St. Louis Fed President James Bullard, who doesn't vote until 2013 but was a supporter of the second round of quantitative easing, earlier told Bloomberg that the Fed's decision was a mistake.