President John Williams:
This is a situation in which there’s no conflict between maximum employment and price stability. With regard to both of the Fed’s mandates, it’s vital that we keep the monetary policy throttle wide open.and concludes: QE3 is coming.
Dallas Federal Reserve President Richard Fisher states: “In my view, it’s not going to happen,” he said. “It’s a fantasy. Wall Street keeps dangling QE3 out there [but] I just don’t see it happening.”
I guess we are going to see who knows more about monetary policy – CR or Fisher. My instinct tells me CR, but Fisher seems just a little too certain to dismiss entirely.