Fed's Plosser: We should get to a 3% annual growth rate later this year

Charles Plosser on Fed rules
Charles Plosser on Fed rules   

Philadelphia Fed President Charles Plosser said Friday that he is not worried by the weakness in the U.S. first quarter GDP, and expects a good response in the second quarter.

In fact, Plosser reiterated his call for 3 percent annual growth rate later this year. He added that he expects this number will be accompanied by a better unemployment number, possibly dipping below 6 percent by the end of the year.

The Philly Fed president also forecast that U.S. inflation would trend towards the Federal Reserve's 2 percent goal.

"We are drifting back in the right direction," he said during an interview on CNBC. "And that's good."

Read MoreFed's George: Hike rates soon, and not just a little

This is a breaking news story. Please check back for updates.

—By CNBC staff