WASHINGTON – Richard Fisher (search), named Tuesday as the next president of the Dallas Federal Reserve Bank (search), takes a dim view of heavy borrowing and inflation and said the U.S. central bank was doing a fantastic job.
"I'm not terribly tolerant of inflation and I'm very pleased ... with the way (the Federal Reserve) have conducted themselves and I hope that I can make a positive contribution," he told Reuters in an interview after his appointment was released.
Fisher, who served former President Clinton as a trade negotiator, takes over his new job on April 4, replacing the colorful Robert McTeer (search).
McTeer was the Fed's resident poet who penned verse to explain monetary policy and was a self-proclaimed "lonesome dove" for sometimes opposing rate hikes to curb higher prices.
Fisher, who said he had never borrowed a dollar in his life, declined to comment directly on monetary policy matters or the dollar but made plain he took a dim view of inflation.
"No responsible monetary or fiscal official would advocate for inflation. So you can surmise whatever you wish from that, but obviously, I'm not a hawk for inflation," he said.
Fisher, a former banker, also applauded the performance of the Fed for delivering low interest rates in a stable price climate with a clarity that financial markets appreciate.
"By conducting themselves the way they have, which I think has been superb, it is not just to the benefit of the United States. If you are hungry, about to issue your first 10-year bond, you are probably a happy issuer because of the interest rate regime of" the United States," he said.