Philadelphia Fed President Charles Plosser told CNBC on Tuesday he found the market's reaction the last week's Fed statement surprising and that the Fed did not change its position on interest rates.
A noted hawk on the Fed's largely dovish board, Plosser said he believes interest rates should hit 3 percent by the end of 2015 and 4 percent in 2016.
"It's a little bit puzzling that the market would react the way it did," Plosser said on CNBC's "Squawk Box." "I don't think the Fed changed its position. In fact, it tried to say very explicitly in its statement that we believe forward guidance or the expectations have not changed as far as we're concerned."