Fed's Fischer Speaks, Says Rate Decision Not "One And Done" As He "Takes Markets Into Account"

The most anticipated Fed speaker of the day, and perhaps the week, was Fed vice chairman Stanley Fischer, who caused ripples on Friday with his follow up speech on Friday, and who spoke moments ago on Bloomberg TV, although judging by the modest pick up in Treasuries, the market's interpretation is that Fischer did not make any particularly hawkish announcement. Among the thing he said is that "the work of the central bank is never done, and I don’t think you can say one and done and that’s it,” adding that  "we can choose the pace” of rate increases based on the data", while observing that "employment is very close to full employment."

Here is a summary of all his key statements, via MNI:

  • FED'S FISCHER/BBGTV: YOU CAN'T SAY ONE AND DONE, CHOOSE PACE
  • FISCHER: PACE OF RATE HIKES DEPEND ON DATA
  • FISCHER: ECON PESSIMISM ABOUT GROWTH, LARGELY PRODUCTIVITY
  • FISCHER: CAPITAL MARKETS OF THE WORLD MORE INTERCONNECTED
  • FISCHER: FED TAKES INTO ACCOUNT FINANCIAL MARKET POSITIONS
  • FISCHER: LEARNED C BANKS DOING NEG RATES THINK THEY ARE WORKING
  • FISCHER: NEGATIVE RATES DIFFICULT FOR SAVERS
  • FISCHER: US ECONOMY GROWING AROUND 2%, PRODUCTIVITY LOW
  • FISCHER: HAVE SEEN APPRECIATION OF USD, NEAR FULL EMPLOYMENT
  • FISCHER: STRONGER US $ HAS HAD IMPACT ON INFLATION
  • FISCHER: FED HAS TO DEAL WITH THE WORLD AS IT IS
  • FISCHER: PROPPING UP YELLEN IS NOT SOMETHING SHE NEEDS

The market's reaction: a yawn.