FED Fisher takes a poke at Kruggles

The Federal Reserve should begin to pull back the pace of its asset purchase program "at the earliest opportunity," said Richard Fisher, the president of the Dallas Federal Reserve Bank, on Monday. In a speech to a farm group in Chicago, Fisher said the Fed should publicly release "a clearly articulated, well-defined calendar" to put the monthly $85 billion in asset purchases on a steady path to zero. Fisher, who will be a voting member of the Fed's policy-making committee in 2014, has never been a fan of this round of quantitative easing, arguing that it comes at a cost that far exceeded its "purported benefits." The Dallas Fed president also disagreed with some economists, like liberal blogger Paul Krugman, who are worried the economy is stuck in subdued growth and want the central bank to set a higher inflation target given current low readings on price increases. Fisher called this argument "short-sighted and even reckless." "We already have enough kindling for potential long-term inflation, which will sorely test our capacity to manage policy going forward. I do not wish to add further wood to that pile," Fisher said

Funny stuff...