Markets may be selling off amid fears of slowing global growth and the possibility of a September rate hike but the Fed couldn't care less, according to former Dallas Fed President Richard Fisher.
"I don't think there is a single member of the FOMC that's going to react to one day's market activity," Fisher told CNBC's "Closing Bell" in an interview, noting that the economy went unscathed after stocks entered substantial corrections in 1962 and 1967.
"It does demonstrate that people are hooked on the heroin of quantitative easing," he said, commenting on the market's reactions to supposed Fed clues. "Nobody on that committee would like to see that continue, they'd like to find the right exit point and they'll see what it is."
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But it's not just investors that contend a tightening in monetary policy could be disastrous. Former U.S. Treasury Secretary Larry Summers voiced his opinion that early action from the Fed could trigger a "very serious situation" that would be detrimental to its goals.
Fisher, who's been advocating for a rate hike since before he stepped down from the Dallas Fed in March, disagreed, adding that "even if they raise 25 basis points, whether it's September or December, whenever it is we have uber-accommodative monetary policy."
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Citing a trimmed mean CPI of around 1.5 percent, strong unemployment numbers, strong auto numbers and better housing numbers, Fisher said "there's a lot of good that's going on in the economy and that's really what the Fed focuses on." And while Fisher thinks the Fed will still be mindful of market stability, he invoked Margaret Thatcher's words of steadfastness and repeated his advice for the Fed when he still held a seat at their table.
"We're going to get a correction. Things are overpriced. Don't go wobbly."