Tags: Fisher | Fed | Boost | Jobs

Fisher: Fed Has ‘Done Everything It Can’ to Boost Jobs

Wednesday, 12 Oct 2011 02:46 PM

Federal Reserve Bank of Dallas President Richard Fisher said that while too many Americans remain unable to find jobs, central bankers have already done everything possible to shore up the labor market without sparking inflation.

“There are limits to what a central bank can do,” Fisher said during a speech today in Abilene, Texas. “We can provide fuel, but we cannot provide incentives for those who create jobs” to “step on the gas pedal.”

The Dallas Fed chief said that the U.S. remains “plagued” by high unemployment even as the central bank “may have overfilled the tank” by providing too much liquidity to the economy. The jobless rate held at 9.1 percent in September even as American employers added 103,000 jobs and payroll figures for the prior two months were revised higher.

“The issue our economy is plagued with is unemployment,” Fisher said at a community forum sponsored by the bank and held at Abilene Christian University. “Too many people are out of work.”

Fisher, 62, dissented at the Federal Open Market Committee’s Sept. 20-21 meeting against the group’s decision to push down longer-term interest rates, saying he did not prefer further easing. He also challenged the committee’s Aug. 9 pledge to keep the benchmark U.S. interest rate low through at least mid-2013, preferring instead to maintain a previous commitment to do so for “an extended period.”

The policy maker has been president of the Dallas Fed since 2005. As a voting member of the FOMC in 2008, he dissented five times in favor of tighter policy.

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Federal Reserve Bank of Dallas President Richard Fisher said that while too many Americans remain unable to find jobs, central bankers have already done everything possible to shore up the labor market without sparking inflation. There are limits to what a central bank can...
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Wednesday, 12 Oct 2011 02:46 PM
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