From Bloomberg Businessweek
“To keep the funds rate at zero that long would risk destabilizing inflation expectations and lead to an unwanted increase in inflation,” Plosser said today in a speech in Avondale, Pennsylvania. “Chasing an elusive goal for unemployment could well risk losing control over inflation. That was the lesson of the Great Inflation during the 1970s.”
It should be noted that Charles Plosser, the Federal Reserve Bank of Philadelphia President, won't be a voting member in the FOMC until 2014.