The benefits of "Operation Twist" did not outweigh the perceived costs, said Federal Reserve Bank of Dallas president Richard Fisher, so he voted against it at the last Federal Open Market Committee meeting.

Explaining that he is eager for greater job creation, Fisher told the Dallas Assembly: "I believe the foremost duty of any central banker is to ensure price stability. Indeed, I believe that the Fed cannot deliver on its congressionally mandated task of seeking full employment unless it delivers first on its mandated duty of warding off both inflation and deflation."

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