Fed's Fisher: Economy starting to move, not accelerating
ABU DHABI (Reuters) - The economy is beginning to move forward slowly but not accelerate, a senior Federal Reserve official said on Tuesday.
Dallas Fed President Richard Fisher, speaking at a financial conference in the United Arab Emirates capital, also said he was confident that the economy would keep growing at its current 2 to 3 percent pace.
He described this week's international rescue plan for indebted Cyprus, which involves penalizing big depositors at its banks, as unique, since the island was a depository for hot money.
But he added that the difficulty with the rescue was what it signaled to other depositors around the world, since depositors ran economies.