Fed's bond buying ineffective, no need to add to it: Fisher

NACOGDOCHES, Texas Wed May 22, 2013 2:55pm EDT

Federal Reserve Bank of Dallas President Richard Fisher arrives to speak about the concept of breaking up 'too big to fail' banks to a breakout group at the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, March 16, 2013. REUTERS/Jonathan Ernst

Federal Reserve Bank of Dallas President Richard Fisher arrives to speak about the concept of breaking up 'too big to fail' banks to a breakout group at the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, March 16, 2013.

Credit: Reuters/Jonathan Ernst

NACOGDOCHES, Texas (Reuters) - Dallas Fed President Richard Fisher on Wednesday reiterated his opposition to the U.S. central bank's bond-buying program, calling it ineffective.

"Why would you dial up if it's not having an effect?" Fisher said to reporters after a speech here.

Fisher also said he believes the economic momentum is moving in the "right direction," adding that he expects the U.S. economy will be growing at a pace of about 2.5 percent by the end of the year.

(Reporting by Eileen O'Grady, writing by Ann Saphir; Editing by Chizu Nomiyama)

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