Fischer on a panel in Stanford

  • Sticking to simple rule not the best way to achieve goals
  • Diverse views can help navigate policy uncertainty
  • Rate-setting committee has strength policy rules lack
  • Sees reasons FOMC might ignore policy rule prescription

Fischer builds a strawman agreement here. The Fed shouldn't be governed with a simple rule and that's not really the debate. It should be governed with a hyper-complex computer that can set rates with +100,000 inputs.

See: Automating the Federal Reserve would be glorious

Secondly, his comments on diversity are a joke. The Fed's definition of diversity of opinion is having various PhD economists from different Ivy league schools and Goldman Sachs.