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Dallas Federal Reserve President Richard Fisher said the central bank may have overdone its stimulus, reiterating his view that rate hikes will come "sooner rather than later.''
The gap between yields on risky corporate bonds compared with yields on Treasurys, seen as among the safest of assets, suggests "we may have overshot our mark,'' Fisher told a group of teachers Friday, adding that he had never seen such ebullient credit markets.
Labor market dynamics are improving and "not significantly experiencing any inflationary pressure,'' he said, adding that he expects economic growth to pick up over the next six months.
Despite the Fed's "incredible" amount of accommodation, it failed to spur job growth and meet its 5.5 percent target for unemployment, Fisher said.
In the past, Fisher has warned that the U.S. could fall behind the curve on inflation as wage pressures start building in certain parts of the country, and he considers North America as the epicenter of economic growth.
Fisher has headed the Dallas Fed since 2005 and is a voting member of the Federal Open Market Committee.
Fisher, along with Philadelphia President Charles Plosser, dissented from the Fed's policy statement at its September meeting and argued that it should forgo its promise to keep interest rates low for "a considerable time" after it ends its bond-buying program.
The FOMC voted 10-2 to approve the language.
Reuters contributed to this report.
Correction: An earlier version incorrectly identified Charles Plosser as president of the Richmond Fed.