Monetary Policy

Fisher Backs Fed Purchases of Long-term Securities 

The Federal Reserve should buy long-term Treasury securities, said President of the Dallas Federal Reserve, Richard Fisher, on Monday. “I assure you the Federal Reserve has not abandoned the wisdom of Milton Friedman or Walter Bagehot or any of the other established patron saints of central banking,” Fisher said in a speech at Harvard University. “But these are complex, trying times…we are the nation’s central bank and we are duty bound to apply every tool we can to clean up the mess that has soiled the face of the financial system…”