NEW YORK – Claiming that the economy is doing better than the improving number suggest, Dallas Federal Reserve Bank President Richard Fisher, said talk of additional accommodation is “wishful thinking.”
“The tone is a lot better. It’s not brilliant, we don’t have enough new hiring taking place,” he said in an interview on CNBC, adding that the numbers are “definitely moving in the right direction, and my personal feeling...is that things are better than the numbers might suggest, or at least moving in the right direction. There is a better tone out there, and I think we need to take note of that.”
After the Fed’s latest Federal Open Markets Committee meeting, Fisher called QE3 a “Wall Street fantasy,” that won’t happen.
In the televised interview, Fisher indicated there will be no more easing, no matter how much Wall Street may desire it.
“Our job is not to prop up the Street,” Fisher said. “‘Fantasy’ may be too strong — wishful thinking, wantful thinking, if that’s a word. But I would focus on the real economy. We focus on the real economy, and that’s our duty.”
Fisher also he’s “not a big supporter” of buying more mortgage-backed securities.
