Dallas Federal Reserve Bank president Richard Fisher downplayed the inflationary implications of the depreciating dollar Wednesday, while saying the Fed’s main job now is to ensure economic recovery and job creation.

Fisher, in an interview with Market News International, said he would like to see the Fed get back to its “traditional” way of running monetary policy as soon as possible and emphasized the need to unwind its large and growing holdings of mortgage-backed securities.

But he gave no sense of urgency, forecasting an anemic recovery and saying he can see no price pressures building anytime soon given the “enormous” amount of unused resources in the economy.

— Market News International

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