Friday, August 26, 2011
Can Ben REALLY do what he wants?
Three Dissenters Fisher was one of three regional bank presidents to dissent at the Fedâ€™s most recent meeting this month, posing the most opposition on the FOMC in almost 19 years. The Dallas Fed head joined Charles Plosser of Philadelphia and Narayana Kocherlakota from Minneapolis in preferring to maintain a commitment to keep rates low for an unspecified â€œextended period.â€ Hoenig, who has led the Kansas City Fed since 1991, said he would probably oppose the idea of the Fed taking further action to stimulate the economy. He said he still continues to support the central bankâ€™s dual mandate for achieving price stability and full employment. â€œThe mandate is quite fine,â€ Hoenig said. â€œWe need to follow the mandate.â€ This links to the