Richard Fisher, the president of the Dallas Fed said Monday that he won't support further easing until Congress does its job to put the deficit on a sustainable path and create a regulatory environment conducive to job growth.
Fisher is a voting member of the Federal Open Committee Meeting this year. Fisher was indirectly critical of two ideas that the FOMC considered in August as new easing steps.
He said "Operation Twist" would drive down long terms rates that are already below 2% all the way through the 10-year range.
The other idea would be to cut interest paid on excess reserves.
Fisher said that banks are only holding the reserves because they can't find borrowers for the money or believe they need a cushion to deal with regulatory concerns.
The Fed has already "filled the gas tanks of the economy with affordable liquidity,"
Fisher said. "What is needed now is for employers to confidently step on the pedal."
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