Fisher is now speaking at an event in England:
- Not surprised by market volatility, markets are manic depressive
- Even if Fed dials back support, we are still running accommodative policy
- Have had a 30-year bond bull market, now big money is cautious
- Encouraged by pickup in employment and economy but deeply concerned we have excess capacity
- Exit strategy for Fed way out in the future
- The word ‘exit’ is not appropriate here
Nothing particularly noteworthy so far but here’s my takeaway: If one of the most vocal opponents of QE sounds a touch concerned, how does the rest of the committee feel?