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Testimony Reveals Fischer No Hawk

Dr. Stanley Fischer's comments on Thursday at his confirmation hearing for his nomination to be vice chairman of the Federal Reserve were very interesting and should allay concerns that he is a monetary policy hawk. Dr. Fischer is clearly focused on lowering the U.S. unemployment rate and his comments before the U.S. Senate Banking Committee revealed he has little to no concern about near-term price stability. The widely-respected economist and policymaker clearly views the Fed's tapering of its asset purchases as a tightening of monetary policy and it appears he will not be anxious to raise interest rates until U.S. inflationary pressures rise. As long as inflation remains tame, it appears that Dr. Fischer will not press the case to hasten rising interest rates from the zero bound.

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