Hawkish Dallas Fed head Richard Fisher was relatively outspoken following a speech this morning in Toronto as some insightful truthiness leaked out. As Money News reports [6], Fisher exclaimed,
"we cannot live in fear that gee whiz the market is going to be unhappy that we are not giving them more monetary cocaine,"
adding that,
"only time will reveal the efficacy of current policy and whether the risks that I and more experienced observers like Paul Volcker fret over are as substantial as we surmise, or whether we have made much ado about nothing."
Time indeed...