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Fed's Fisher Happy With Where Rate Policy Is At Present

Dallas Federal Reserve President Richard Fisher said on Wednesday that he is happy with where rate policy is at present, and that inflation remains the Fed's main focus for now.

There have been "some encouraging signs" on prices but one month's data does not make a trend, and the Fed must stay vigilant, Fisher told reporters after a speech on globalization at Texas Christian University.

"We can't take our eye off the ball" on inflation, Fisher said. "I'm uncomfortable with inflation running about 2 percent," he added, referring to the core personal consumption expenditures (PCE) index.

On growth, Fisher said that the current year-long slowdown was not "a shocking surprise" given weakness in the housing market. "I don't see the economy stopping," he added.

Fisher is not a voting member of the policy-setting Federal Open Market Committee in 2007.