The United States is in the middle of a jobs crisis, but it is action by Congress, and not the injection of yet more liquidity from the Federal Reserve, that can best address the urgent need to spark job creation and lower unemployment, Richard Fisher, president of the Federal Reserve Bank of Dallas, said Friday.

In remarks prepared for delivery to the Friday Group in Dallas, Fisher also renewed his attack on lawmakers. “Rather than work like ants to build and store for difficult times, our fiscal authorities have been proverbial grasshoppers,” he said. And now “a fiscal reckoning is upon us.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.