Maybe the Fed isn’t as intent on propping up Wall Street as some (myself included) presume. Here are some comments from Fed official Richard Fisher today (via Reuters):
“There will be no QE3,” Dallas Fed President Richard Fisher told reporters after a speech here. “I will support no QE3, no additional mortgage-backed securities, no additional Treasuries.”
“Wall Street keeps dangling QE3 out there,” Fisher said. “I think it’s a fantasy of Wall Street – it’s not going to happen, it’s not necessary.”
The Fed has already taken easy monetary policy too far, he said, filling the policy “gas tank” too full.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.