No Inflation, Vows Dallas Fed’s Fisher

Business uncertainty is the economy’s biggest immediate problem, says Richard Fisher:

“They are calling time-outs and heading to the sidelines while they wait for the referees to settle on the rules of the game,” Fisher said. “If this is so, no amount of further monetary policy accommodation can offset the retarding effect of heightened uncertainty over the fiscal and regulatory direction of the country.”

Scott Sumner thinks this is exactly wrong.


  • Fisher is right: There’s a lot of money sitting on the sidelines waiting for things to settle down. there’s too much change right now to invest with any amount of certainty.

  • Wm. B. Travis

    Mr. Sumner needs to stop rewriting what little history he finds useful, and talk to anyone in commerce. There is palpable fear being exploited out here; and they LIKE it. Unsettling it is.