Fed's Fisher: Not Much Good Comes from Fed Stimulus

Robert Fisher, President and CEO of the Federal Reserve Bank of Dallas, greatly

more monetary policy Monday afternoon. He stated that he was "perplexed" by Wall Street's expectations on QE3, and that the economy only needs more stimulus only if the economy takes a "dire" turn. He goes on to state that Wall Street may be addicted to cheap money. "Yet financial market operators keep looking and hoping for more. Why? I think it may be because they have become hooked on the monetary morphine we provided when we performed massive reconstructive surgery, rescuing the economy from the Financial Panic of 2008–09, and then kept the medication in the financial bloodstream to ensure recovery," Fisher said. "I personally see no need to administer additional doses unless the patient goes into postoperative decline. I would suggest to you that, if the data continue to improve, however gradually, the markets should begin preparing themselves for the good Dr. Fed to wean them from their dependency rather than administer further dosage," Fisher continued. US equity markets saw little change. Currently, the S&P 500 is trading about 0.57% lower at 1361.