Former president of the Federal Reserve Bank of Philadelphia, Charles Plosser, said in an interview on Thursday that the Fed officials should not be influenced by short-term fluctuations in financial markets.

"I think the Fed needs to be careful and not overreact to short-term events," he said. Plosser added that Fed officials "should keep the focus on the longer term".

He also pointed that the monetary policy is not responsible for markets.

"The less the Fed says about [the selloff] the better, because it creates the impression that monetary policy is responsible for markets, which it's not," Plosser said.