Fed's Fisher: Congress pulling on brake as Fed steps on gas
COLLEGE STATION, Texas
COLLEGE STATION, Texas (Reuters) - A top Federal Reserve official on Thursday blamed budgetary squabbling among U.S. lawmakers for holding back the U.S. economic recovery, even as the central bank goes all-out to help it along.
Dallas Federal Reserve Bank President Richard Fisher told an audience at Texas A&M University that he is "frustrated that people are throwing sand in the engine" of the U.S. economy.
Lawmakers are "pulling on the brake" he said, pointing to a picture of Congress.
Meanwhile, he said, the Fed has been filling the economy's gas tanks with its super-easy monetary policy.
The Fed is buying $85 billion in Treasuries and mortgage-backed bonds to boost investment and encourage businesses to hire, a program Fisher has long opposed as being ineffective in the face of fiscal bickering in Washington.
The U.S. unemployment rate is still high and "yet to be satisfactory," he said.
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