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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: regli	6/15/2006 7:44:07 PM
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"We do the best job we can. But I'm willing to bet you a dollar that you'd rather have me pay you back in that dollar than 73 cents 10 years from now," he added." Where do they dig up these Fed officials? Lying through their teeth and/or totally incompetent? Overshooting is risk in price control-Fed's Fisher today.reuters.com Wed Jun 14, 2006 2:26pm ET7 CORPUS CHRISTI, Texas, June 14 (Reuters) - The Federal Reserve has at times raised U.S. interest rates too far, but "overshooting" is a risk that comes with the central bank's inflation-fighting turf, Dallas Federal Reserve Bank President Richard Fisher said on Wednesday. "The (Fed's policy-setting) Federal Open Market Committee may have a gone a little bit too far (in some past rate-raising cycles)," Fisher said in answer to a question after speaking to a luncheon hosted by the Dallas Fed. "We do the best job we can. But I'm willing to bet you a dollar that you'd rather have me pay you back in that dollar than 73 cents 10 years from now," he added.

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