WASHINGTON Massive asset purchases by the U.S. Federal Reserve likely faces diminishing returns in terms of the program's desired monetary policy impact, a senior Fed official said on Wednesday.
"With regard to my own views on monetary policy ... I believe that it is increasingly having a lesser impact as we go through time," Dallas Federal Reserve President Richard Fisher told reporters in a response to a question about asset buying.
"Rates are the lowest they have been in a lifetime. But they have not come down as quickly as I would like ... to see, and I don't think, therefore, our policy has been as effective as we would like it to be," Fisher said.
He was speaking after delivering a speech at the National Press Club on "too big to fail banks."