A Different Opinion About the U.S. Economy
2008-02-12 14:13:24 (GMT) (Caymanmama.com - Business Dallas News News)Dallas, TX - The president of the Federal Reserve Bank in Dallas, Texas has a differing view than most about the state of our economy. Richard W. Fisher spoke at a news conference in Mexico City yesterday, and said he was the lone voice that was against cutting interest rates at last week’s Federal meeting. His stance on the subject was that the U.S. economy remains resilient and very low interest rates could actually ignite inflation. Since there is a lag in monetary policy, he says time must be alloted to see the full affects of prior changes and actions to the economy.
Mr. Fisher predicts slow economic growth in the first two quarters of 2008, with an increase at the end of 2008. Fueling an emotional roller coaster on Wall Street, Mr. Fisher said that the media and analysts have created confusion over what constitutes a recession. This has created a greater panic than warranted by the economic indicators. For the record, a recession is usually defined as two consecutive quarters of economic contractions.
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