Plosser is one of 12 members of the Federal Reserves influential Federal Open Market Committee, which monitors the economy and charts monetary policy. It meets eight times a year and its statements are dissected by the financial community for insight into the future of interest rates and the economy.

He spoke to about 150 people at an address sponsored by the Lehigh Valley Economic Development Corp., offering his assessment of the economy and laying out his philosophy on the Federal Reserve Banks approach to setting and telegraphing its decisions on future interest rates.