Dallas Fed's Richard Fisher, who despite his recent quite vocal disagreement with Fed policies (Dallas Fed's Fisher Stunner: Admits Worries Fed Has Created Nothing But Bubbles), yet who conveniently forgot to dissent with the decision to continue the status quo at the latest FOMC committee, thereby making the current batch of hawks even more useless than the previous one (at least back then Hoenig had the guts to put his dissent where his mouth was) is once more on the tape, and following last week's announcement by the Dallas Fed president, was once again caught stating that he will not support further Fed accommodation and he will dissent with further QE decisions. At this point it is mostly theatrics. Should there truly be more QE, as Ben Bernanke implied may be the case during last week's Press meeting, then watch oil, commodities and those pesky precious metals quickly ground any such ambitions.
Just Bloomberg headlines for now:
- FISHER SAYS HE'S NOT LIKELY TO SUPPORT FURTHER ACCOMMODATION
- FISHER SAYS HE WILL DISSENT ON ANY FURTHER QUANTITATIVE EASING
We'll see just how much he dissents in April/May when the next push for QE3 begins in earnest. Remember: the only thing that matters for Bernanke is the $4 trillion in debt that has to be somehow floated (read monetized) over the next two years. Everything else is completely irrelevant.