Federal Reserve Bank of Dallas President Richard Fisher said Monday that it is time for the central bank to begin winding down its easy-money policies and give a clear timetable for how that process will play out, adding that markets are expecting the move soon.
“I think we should begin now,” he said to members of the media following the event. “The current program of purchasing $85 billion per month in U.S. Treasuries and mortgage-backed securities comes at a cost that far exceeds its purported benefits,” Mr. Fisher said in a speech Monday.
Mr. Fisher, who said he is known as a hawk in the Fed aviary, has long opposed the Fed’s aggressively easy money stance, arguing the central bank had done more than enough to get the economy back on track. The official, who next year will gain a voting slot on the monetary policy-setting Federal Open Market Committee, is one of a clutch of officials who are among the last to speak before the blackout period ahead of the Dec. 17-18 policy meeting.
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