Philadelphia Federal Reserve Bank President Charles Plosser said Wednesday he currently does not see the benefits of more asset purchases outweighing the costs.

"I don't see the pay-offs for unemployment as very great and I don't see the necessity of it at this point given my forecast on inflation," Plosser told reporters after giving a speech to the Union League of Philadelphia.

"But there are two costs down the road: doing something that doesn't have any effect which is bad for the credibility of the Fed and the other cost is ... how complicated does it make our exit strategy?"

But, he said, his view could change depending on incoming data.