The Federal Open Market Committee should have voted to taper its asset purchases at its meeting last week, according to Federal Reserve Bank of Dallas President and CEO Richard W. Fisher.

"Today, I will simply say that I disagreed with the decision of the committee and argued against it," Fisher said in speech in San Antonio Monday, according to prepared text released by the Fed. During the policy "go round" when Chairman Ben Bernanke asked for his views on tapering, Fisher said he told Bernanke, "Doing nothing at this meeting would increase uncertainty about the future conduct of policy and call the credibility of our communications into question."

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