Speaking in the
Texas capital about 1,000 miles away, Fisher warned against the Fed
opening the spigots of liquidity further to get the economy moving
again, when the biggest culprit in his view was uncertainty over tax
policy, given the huge national debt.
"It may provide
immediate relief but risks destroying the plumbing of the entire house,"
said Fisher, who often uses colorful metaphors and literary references
to enliven his speeches. "Better that the Congress and the president --
the makers of fiscal policy and regulation -- roll up their sleeves and
get on with the yucky task of cleaning out the clogged drain."
Fisher and his
fellow hawkish dissenters rotate off the Fed's policy-setting panel next
year, and only one policy hawk -- Richmond Fed President Jeffrey Lacker
-- will rotate in.
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