Fed's Fisher Says He Won't Support Further QE

It looks like more and more dissent is coming from inside the Federal Reserve System, as Dallas Fed President, Richard Fisher says he won't support further asset purchases. This is encouraging.

(Bloomberg) Richard W. Fisher, president of the Federal Reserve Bank of Dallas, said he isn’t inclined to support further quantitative easing after the central bank completes its purchase of $600 billion in Treasuries in June.

“You can never say never, but I cannot imagine a convincing argument for further quantitative easing after this round, given what is developing now in the economy,” the 61- year-old regional bank chief said today on Bloomberg Radio’s “The Hays Advantage” with Kathleen Hays.

Fisher said he regards the Fed’s asset-purchase plan as a “fait accompli” and that he wouldn’t have supported it if he had a vote last year. Before the Fed’s most recent meeting in January, the Dallas president criticized the second round of large-scale purchases, saying it may be “the wrong medicine” for the U.S. economy.
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