hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Tue Nov 15, 2011 4:09 am Post subject: Fed’s Fisher Sees U.S. ‘Poised for Growth’ |
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Federal Reserve Bank of Dallas President Richard Fisher said the U.S. economy is “poised for growth” going into next year and that he sees a declining likelihood the central bank will need to ease further.
“The direction we’re moving in is positive,” the policy maker said today in an interview from Bloomberg’s headquarters in New York. He said he expects gross domestic product to expand by 2.5 percent to 3 percent in the fourth quarter, “gradually getting better as we go through time.”
Fisher’s comments contrast with those of Chairman Ben S. Bernanke, who predicted on Nov. 2 that the pace of recovery will be “frustratingly slow,” and with researchers at the San Francisco Fed, who project a better than 50 percent chance of recession early next year. The Dallas Fed president is among the most vocal critics of Fed policy, dissenting twice this year against moves to push down long-term rates and keep the benchmark U.S. interest rate low until at least June 2013. He voted five times in 2008 in favor of tighter policy.
“We’re poised for growth,” Fisher said, citing recent data on retail sales and consumer sentiment. “I’m more comfortable now in terms of not -- this is me personally speaking -- not anticipating greater accommodation,” he said.
The risk of another recession “is negligible,” said the 62-year-old policy maker. In addition, “I’m not worried about immediate inflation right now. What I’m worried about is the efficacy of our policy as it relates to job creation.”
Revised Up
Data released since the Fed’s meeting two weeks ago show that the jobless rate unexpectedly fell in October to 9 percent from 9.1 percent the previous month. Employers added 80,000 payroll jobs, following gains in the prior two months that were revised up by 102,000, Labor Department figures showed.
Consumer confidence rose more than projected this month, offering additional support to the biggest part of the economy, based on the Thomson Reuters/University of Michigan preliminary index of consumer sentiment released Nov. 11.
Yields on 30-year Treasuries have risen 12 basis points, or 0.12 percentage point, to 3.11 percent from 2.99 percent since Sept. 21, when the Fed announced a plan to purchase $400 billion of longer-term U.S. bonds and sell the same amount of short-term debt. U.S. stocks have gained since the Fed’s Aug. 9 meeting, when it committed to low interest rates through at least mid- 2013. The Standard & Poor’s 500 Index has climbed more than 6 percent to 1,251.78.
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