WASHINGTON — Dallas Federal Reserve Bank President Richard Fisher warned Tuesday the Fed has "no hope" of achieving its mandate of full employment unless the government gets its fiscal act together, and not only are the very accommodative monetary policies of little use, they risk creating an "inflationary conflagration."

Fisher resorted to Shakespeare, a You Tube video and a graphic depicting a car dashboard panel to illustrate the severity of the risk he warns of, even while he said inflation right now is "benign" and unlikely to become a problem this year, and growth could beat the 2.4% consensus expectation.

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