He also comments:

  • His preference would be to raise rates earlier, but notes that he is in the minority
  • When Fed decides to raise rates, they need to signal ahead of time
  • Would not have dissented on this week’s statement
  • ECB’s quantitative easing is positive
  • Mentioned of international developments points to positive as well as negative events
  • Says a stronger dollar, ‘not the end of the world’
  • Stronger dollar reflects high US productivity
  • Business contacts say seeing strong pickup in late December and into January

Richard Fisher (as opposed to Stanley Fischer) is the President of the Dallas Fed. He is not a voting member but is one of the most hawkish of Fed officials. The USDJPY is up around 10 or so pips. The EURUSD is little changed.