Charles Plosser, the president of the Philadelphia Fed, has told CNBC, a broadcaster, that the Federal Reserve will need to act as swiftly and effectively in raising inte rest rates once the recession is past as it did in lowering them.

He made the comments after a number of indicators have shown the US economy to be recovering on the back of the large federal stimulus, interest rate cuts and other measures.

"Our exit strategy is really quite simple: we have to begin to pull back from our