Federal Reserve Bank of Philadelphia President Charles Plosser said that while unemployment is likely to stay too high for the foreseeable future, he hasn’t ruled out favoring a rate increase this year should economic growth warrant such a move.

“If economic growth in the United States continues to gain traction and the prospects begin to look ever better it might be time for us to begin thinking about how do we begin to gradually take our foot off the accelerator,” Plosser said Monday to reporters after a speech in Santiago.

Asked if the recovery may improve enough this year that he would want to begin a policy tightening, he said, “It might. I’m not going to rule that out.”