After Dallas Fed President Robert Kaplan and Chicago Fed President Charles Evans elaborated their hawkish outlook, it was Boston Fed President Eric Rosengren yesterday who discussed the need for a faster rate hikes in 2017. In a speech to business leaders in Hartford, Conn., Mr. Rosengren said that he has switched to advocating a tighter policy and that is because the economic circumstances have evolved which calls for a different stance in monetary policy. He forecasts that the Federal Reserve would meet its twin goals of maximum employment and 2 percent inflation by the end of this year.

The Fed has projected three rate hikes this year and the Boston Fed President who doesn’t vote in this year’s FOMC feel that three hikes are reasonable for this year or Fed runs the risk of overshooting both the targets and pose economic risks.

Mr. Rosengren also provided a reference to the speed by suggesting that the current pace of hike need not be as fast as that of 2004 when the Fed hiked rates by 25 basis points on every quarter but considerably fast enough compared to the one hike per year rate of last two years.