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

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

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