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Fed's Fisher: Fundamentals don't back stock levels

Daily newsbrief journal for February 2013, also see http://www.usdemocrats.com/weblog for a global compendium library and follow twitter @usdemocrats


Fed's Fisher: Fundamentals don't back stock levels

Postby admin » Thu Feb 28, 2013 2:39 pm

Fed's Fisher: Fundamentals don't back stock levels
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - Economic fundamentals don't justify the level of equity markets though "that is for the market to decide," said Richard Fisher, president of the Dallas Federal Reserve Bank on Thursday. The Fed has been consciously helping the stock market by driving bond rates down, Fisher said. The Dallas Fed president wants the central bank to begin to scale back its $85 billion-a-month bond buying program. "I think it is time to really, perhaps, just taper this off. That doesn't mean to stop it, we're not going to go from wild turkey to cold turkey, but I do think we've run up to the limits of the efficacy of what we're doing," he said in an interview on CNBC. Asked if that would cause market disruption, Fisher replied: "there is a lot of momentum" and volume in equity markets, making it a good time to at least "socialize the concept" that the Fed will slow down purchases. U.S. stocks retreated Thursday from all-time highs.
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