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I guess -- fishing for that they -- I could tell included Fisher is whether as rather than -- and that it.
Is whether or not there could we could see other members of different states it's starting to dissent.
In the future in that you had a lot depends on -- policy initiatives and and a again I know they say historically is so this divisive periods.
It it's only divided from the standpoint.
What we feel the right prescription this week we we pretty much all agree on the prognosis.
Inflation is not the issue right now we calculated trimmed mean number here in Dallas we believe it's a superior indicator.
These are 170 -- -- -- people actually use and we've been tracking answers objects 1977.
The -- mean now has -- today we just released turn ounces.
Is running on a six month basis and about two person and we period that's the best indicator for the month of -- since two point one.
We have found over time at the headline number of the headlines sepia.
Priest consumption expansion which is.
Higher than tends to trend towards -- trends mean.
So I'm not tomahawk.
I'm not that worried about that right now when I am worried about is what's the best way to create jobs.
Put the American people back to work.
Use of liquidity that we have put on the sidelines -- -- -- tanks up with is ready to be engaged.
And that's why -- just under policy and I don't -- my opinion is that we don't need more monetary stimulus.
We need to have a more efficient fiscal mechanism.
That AdSense private business and that's where jobs are created in America.
And especially small businesses which -- the incubators.
Of job creation.
Go back to work to create -- to be incentives and great confidence and yes -- in the way they should be at the way they'll be incentives when they have greater clarity.
What are the tax is going to be.
And spending patterns going to be that affect them whether there subsidies -- -- their customers -- the system or whatever spending may be in congress has them -- their purview.
And then what kind of regulations affect them.
Whether you believe it's just final demand pulling things back or not if you lift those clots.
Even if they don't like the outcome.
And you have certainty than they know what they can drive around and they can propel the economy forward you're you're not just took.
Finish up on the inflation question your.
Inflation does not seem to be a problem right now on what affect inflation expectations.
If you look at that tips and bright futures and all the action declining.
Yeah those are very imperfect indicator of Fed Chairman said the other day that one thing that could trigger additional action on the part of the of the Fed could be.
Deflation on the thought that declining inflation expectation going to have significant deflation I don't -- to have -- on price stability but you agree with that though are you worried about the -- -- things you need to look at.
And with the tips indicators are.
Imperfect indicators that they are an indicator I wouldn't just look only -- injured treasury adjusted inflation protected securities.
I also like to look at the service how people -- report.
It's an extraordinary thing happened before -- -- -- that just popped back in in my head.
The leaders Republican leaders in congress -- sent a letter.
To the board of governors just before your meeting last week -- recommending advising.
No -- stimulus no no operation twist you know essentially what -- -- -- have you ever seen that before and what did you make of that letter was it appropriate.
Well -- to its instrument that we do not bring lakers' -- any other things in the room they're they're checked and secured outside the room and protected.
-- by our security forces.
So I didn't see that till late at night after the first day and by then we are already well into the discussion had no impact on the area might Alex.
Just interestingly so I know it's been made a big deal out of secondly.
We should never weather comes from a Republican or Democrat.
We we just cannot afford to be politically inclined to Central Bank.
You go down that path that's the path to.
And we have her even worse we're not gonna what did you think of that -- -- saw I didn't really surprised shocked when I finally saw me after we are well into the meeting afterwards.
I don't think it's appropriate it's just like us telling them specifics of fiscal policy.
And I do think that it was uncalled for but having said that we get that from other sides of the aisle as well.
And as you know there are some people on the Democratic Party that would like take place today.
The independent power of the main street power of the Federal Reserve banks.
-- part of the process it has no impact on what's sure.
The but again -- a separate this is politics separate -- -- -- that policy.
Right and our job is to focus on policy and not be driven by politics and we will refuse and I.
Content is not -- myself but collectively refuse to be influenced by office.
Texas job creation has been in the news zinger as here and -- And in your August speech you laid out a set of of numbers and to try to provide some clarity to this because it's of this and you were back to politics little bit but it's been a big political and and we just get the facts right.
And the facts are that this area of mine 96%.
Of the output eleventh nurtured district as Texas -- a little piece of Louisiana -- in Mexico.
27 million people my district when He found manner in Texas.
If you look at the output in my district and and we also measure Texas separately.
But if you look at Texas -- -- percentage of all the states since the recovery began has announced by the National Bureau of Economic Research.
Not by our calling.
That we have -- -- -- we can measure two ways of all the states taken together the United States about 40% of the jobs created.
And the states and only created jobs.
And pick up the ones that have been successful that are proportionately.
It's 29 point 9%.
So we've been very fortunate here and in fact in the last.
We the Dallas fed looks at these numbers much more closely.
Calculates -- much more precisely.
And in the last month even -- the headline numbers where -- lost jobs we actually gain if you job snobbery many.
The public sector lost a hundred jobs and they're worse.
Roughly 171000 print in the private sector but I think the issue is the governor Perry.
As you know has been has been claiming credit any governor -- anybody else -- He deserves the credit.
Well -- up to the people to decide.
I would point out that statistically we've been doing this for over forty years.
We've been outperforming the rest of the country.
A significant margin.
So we tend to grow about 1% more.
We're blessed with natural resources but just to dispel a stereotype.
It's -- energy that is proposed state recently.
It is -- All the other sectors to -- financial services.
And health care.
And that's where we've been outstripping the rest the country doesn't these -- very -- -- people here.
And they are driven by minimal government interference.
Tort reform has been a major issue here to talk to corporations I do want to come here.
-- -- to be a major factor.
But generally given to the credit -- people of Texas because for an awful long time these people not over to frontier.
But they've -- tough.
And they work hard men and elected by the way keep what they again after the -- -- -- -- -- but when it true that you could comment at all governor Perry also said He thought.
-- -- its policies bordered on treason.
I think yet one letter to I think human reason.
Reason He had one letter -- -- -- network.
-- but what did you think of that comment was appropriate I don't think it's.
I'm not involved in politics I will say this I noticed -- yesterday we did have will be watching television.
In the morning.
I was shaving.
There was to governor of Texas they said the Federal Reserve ought to remain dependent.
I agree with them on up.
Just the last question as you know with operation twist here from the federal be selling shorter term securities going out to longer and the extended low interest rates for who for a long period -- two years and now operation twist.
You know we're still deficit financing.
Over trillion dollars a year -- -- and it will this this could could this help the Treasury Department as it sells longer term securities.
It certainly helped lower interest costs for the for the federal government.
On the short end.
Could could that help on the long -- -- -- not just.
Hillary president finance -- and I was against the idea that.
It was very clear that that from the onset of the discussion.
That we were gonna consider the treasury states.
What they object of the exercise was.
On other interest rates because earnings -- off the treasury rate.
So that most securities in the fixed in commercial priced at spreads off -- treasuries right that's that's the way people look at them.
Was to make sure.
Would be put together that would impact and help businesses.
So wanna make that very very clear again I I didn't think it would be an effective program and I dissent against -- vote.
Then with a deliberate decision was made that we would make this decision separate from the treasuries and -- that but treasury could benefit president as a that's -- -- duration that one could can easily pick up but that wasn't the purpose corps of great.
Richard Fisher thank you for spending so much time appreciate your coming all the way down thank you very much -- much back to you in New York.