Richard Fisher, president of the Federal Reserve Bank of Dallas and the Fed’s top anti-inflation hawk, cautioned again that the central bank must be wary of “stirring the embers of inflation.”
Speaking at the Petroleum Club in Fort Worth Friday, Fisher called the nation’s economic growth “anemic,” but said the economy is not in recession and he doubted there would be sustained negative growth.
“There is a lowering of expectations for growth,” he said, “but it is positive economic growth.”
Fisher, who spent many of his early years in Mexico and speaks fluent Spanish as well as English, has championed economic research since taking over the Dallas Fed in 2005.
His academic background is impressive: Two years at the U.S. Naval Academy, then Harvard, Oxford and Stanford, where he earned an MBA. He is also a former vice chairman of Kissinger McLarty Associates, a firm chaired by former Secretary of State Henry Kissinger.
Fisher was the only member of the Federal Open Market Committee to vote against the half-point interest rate reduction in late January. Lower rates can foster inflation.
Interesting note: The Star-Telegram in Fort Worth reported that Fisher said 31 percent of all the non-governmental jobs created in the United States in 2007 were created in Texas.
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