In what is his most vocal argument against continuing QE2, voting member Fisher is sounding like he may pull a Hoenig and dissent at the April meeting and vote against the majority. He said in a speech, “Having done our job, I see many risks to the Fed overstaying its welcome.” While he makes the delusional comment that “our duty is most distinctly not to monetize the debt of fiscally imprudent government,” as that is exactly what they are doing, he said doing so “has proven to be a direct path to economic perdition.” He went on to say “inflationary impulses are gaining ground in the rest of the world” and companies in the US are raising prices to the point where “my gut tells me that this will result in some unpleasant general price inflation #’s in the next few reporting periods.” He summed up his view of monetary policy with this, “It may well be that we should consider curtailing what remains of QE2…Just as we pressed on in doing our duty thru extraordinary, exigent measures, we must now discipline ourselves to just as persistently normalize our operations in a timely way.”
Will Fisher pull a Hoenig?
April 8, 2011 10:05am by
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Posted Under
UncategorizedPrevious Post
UPDATED: Trading Rules, Aphorisms & BooksNext Post
QOTD: US Corporate Tax Rate 35% ?
What's been said:
Discussions found on the web: