The U.S. economic recovery will be anemic and interest rates will have to stay low for long, Federal Reserve Bank of Dallas president Richard Fisher said yesterday in an interview broadcast on the cable network CNBC.

“Right now we are in the process of normalization,” he said. “I expect that we are going to have low interest rates for some time. It depends on the pace of the economy, however, as to when that dynamic changes.”

“We did our job; we ran up our balance sheet significantly there,” according to Fisher. “We have now reduced those programs. The market has been restored in those areas. We are done; we closed them down.” 

— Market News International

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