U.S. ECONOMICS: Fisher Argued For $10K Taper To Avoid Uncertainty And Confusion In Financial Markets
Dallas Fed President Richard Fisher (non-voting), considered one of the most hawkish members of the Fed, told his San Antonio audience that he tried to convince his colleagues on the FOMC to reduce asset purchases by at least $10 billion to avoid the uncertainty regarding Fed policy that currently plagues the financial markets.
Since Fisher was never a proponent of QE3 and many times voiced his concern that a continuation would "monetize the debt" and could undermine financial stability, his comments against last week's decision is not having a detrimental impact on the fixed-income markets. Yields along the curve continue to press lower. The 10 year last traded at 2.72% with 2.70% offering near-term resistance.
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