Fed's Fisher says market is manic depressive

LONDON Mon Jun 24, 2013 1:55pm 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

LONDON (Reuters) - Federal Reserve policymaker Richard Fisher said on Monday he was not surprised by the recent asset price volatility following signals that the central bank would reduce its stimulus program.

"I'm not surprised by market volatility, markets are manic depressive mechanisms," Fisher, President of the Dallas Fed, said in a speech at the Official Monetary and Financial Institutions Forum (OMFIF).

He added monetary stimulus in Japan, the United States or Europe will not work unless the economy is restructured.

(Reporting By Francesco Canepa)

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