Another Fed President Confirms Fed Credibility Undermined

We have heard from the doves, now the hawks. Dallas Fed's Fisher (a non-voting member) pulls no punches in his speech this morning. Confirming Esther George's comments last week, and our views on the same:

• *FISHER SAYS HE TRIED LAST WEEK TO PERSUADE FOMC TO TAPER QE
• *FISHER SAYS DECISION NOT TO TAPER QE UNDERMINED FED CREDIBILITY

But that was not it. The well-known hawk went to warn that:

• *FISHER: BIGGEST BANKS ARE `DAGGER POINTED' AT ECONOMY'S HEART
• *FISHER SAYS NO QE TAPER ADDS TO `UNCERTAINTY' ABOUT FED POLICY

None of this should come as a surprise as Fisher told Santelli earlier in the year that "this cannot go on forever!"