No More Easing For Easy Money Whores, Says Dallas Fed's Fisher
The Federal Reserve's recent decision to buy more Treasury bonds does not signal the U.S. central bank is on the verge of another round of easing, a top Fed official said on Wednesday.
Dallas Federal Reserve Bank President Richard Fisher told Reuters in an interview that in his view, only a financial system shock or some other unforeseen circumstance should push the Fed into doing more.
He expressed skepticism about the effectiveness of any further loosening of monetary conditions given the over $1 trillion in reserves already sloshing around the nation's banking system.
"The real issue in my opinion now is, are we pushing on a string with accommodation?" he said.
Granted, "unforeseen circumstances" are far more frequent than the Fed would like us to believe. Case in point: the blind ass FOMC. Careful, easy money whores, we know that "unforeseen" to you could be just about anything.