“They have been given abundant, super-cheap monetary fuel needed to stoke up their production engines and expand their businesses,” Fisher, who doesn’t vote on monetary policy this year, said today in a speech in Orlando, Florida. “What is holding us back” is “fiscal and regulatory policy of the gang that can’t shoot straight in Washington.” Minutes of the Federal Open Market Committee’s July 30-31 meeting released yesterday show Fed officials are comfortable with Chairman Ben S. Bernanke’s plan to start reducing bond buying later this year if the economy improves. Treasury yields reached two-year highs today as reports showed a strengthening job market and a gain in economic indicators, suggesting the expansion may be strong enough for the Fed to cut stimulus. Fisher said in the text of prepared remarks that “there are many risks in the policy that the Fed has been pursuing,” without elaborating. He said Aug. 16 the central bank should taper $85 billion in monthly bond purchases at its Sept. 17-18 meeting if economic reports remain favorable.
Posted on: Sun, 25 Aug 2013 22:02:23 +0000
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