A top US central banker yesterday warned the “feral hogs” of financial markets against trying to force the Federal Reserve to shelve plans to slow its bond buying, as yields on US Treasuries climbed to their highest level since August 2011.
Richard Fisher, president of the Dallas Federal Reserve, said the Fed had anticipated a lively market reaction to last week’s announcement that it was considering bringing an end to its $85bn/month bond purchases.
But he told the Financial Times that markets should not think that the Fed would end up propping up the economy indefinitely, or that it could be pushed to keep buying treasuries at the same pace and, in so doing, keep inflating asset price bubbles.
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