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The Fed's Fisher: 'Stan The Man,' 'Odd Stan Out'...Or Both?

The Fed's Fisher: 'Stan The Man,' 'Odd Stan Out'...Or Both?

Stanley Fisher, the Federal Reserve's second highest ranked member, is either "Stan the Man" or "Odd Stan Out," according to Bloomberg.

Federal Reserve Chair Janet Yellen gave a much anticipated speech last week at Jackson Hole. According to Bloomberg, the speech was considered to be somewhat dovish in terms of future interest rate hikes, but Fisher said in his own remarks that a September rate hike and two additional hikes in 2016 were consistent with Yellen's published remarks.

In this case, "Stan was the man."

Related Link: 7 Wall Street Firms Interpret Yellen's Jackson ole Speech

"For the near-term rates path, the main driver last week was not Chair Yellen, but Vice Chair Fischer," Bloomberg quoted Neil Dutta, head of U.S. economics at Renaissance Macro Research as saying.

On the other hand, Fisher could also be seen as "Odd Stan Out," at least according to Jefferies Chief Market Strategist David Zervos.

Bloomberg quoted the analyst as saying that there is no "other 'relevant' member" of the Federal Reserve that is "pushing in [Fisher's] direction." The analyst added that even high profiled members Dennis Lockhart and James Bullard "pushed back" on a two rate hike plan "quite aggressively" over the weekend.

Given the differing views among analysts at experts, it is possible Fisher has "has become somewhat removed from the consensus view at the central bank."

"Fischer may have been speaking too cavalierly, or maybe he truly has moved away from the core," Zervos was also quoted as saying. "I'm not sure exactly how to interpret his outlier statement, but for now I'm tempted to disregard it until I see other core members follow in his path."

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Posted-In: Bloomberg David Zervos Dennis Lockhart Federal ReserveNews Events Federal Reserve Media Best of Benzinga

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