Dallas Federal Reserve Richard Fisher said he voted in favor of the October Open Market Committee statement in part because of a more hawkish tilt in the sentiment, according to prepared remarks for a speech he is delivering Monday afternoon.
However, he said the third leg of the Fed's monthly bond-buying program never should have happened and ended up posing economic risks that weren't worth the benefits.
Speaking a week after the U.S. central bank ended its quantitative easing policy, Fisher described Chair Janet Yellen as "impressively balanced." The FOMC voted, with just one dissent, to halt the monthly-bond buying program, which had taken the Fed's balance sheet past the $4.5 trillion mark.
Fisher is a reliably hawkish member, but said he felt the language from the most recent statement reflected a tone that was in favor of hiking rates more quickly than had been indicated previously. Specifically, he cited the "considerable time" language in the statement that refers to how long it will take from the end of QE until the first rate hike since short-term rates were taken down to near-zero in late 2008.
He said that language had been effectively "neutered by other more hawkish statements.