Fisher, Richard

Fisher said he is "beginning to see signs of speculative excess" in the U.S., evidenced in the "fresh flow of money" into the stock market, a surge in so-called covenant-lite loans and the re-leveraging by private equity firms.   "There’s lots of liquidity sloshing around the U.S. financial system," Fisher said. "We are seeing signs of all the intoxication that typically takes place when we have the ambrosia of cheap and readily available capital."

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"No further accommodation is needed after June," including by tapering the central bank’s purchases, the regional bank chief, who votes on monetary policy this year, said in a speech today in Frankfurt. "Doing so would only prolong the injustice that we have inflicted" on savers through inflation, he said.

As reported by Bloomberg News