Fed on track for earlier rate rise, Fisher says

Tue Aug 5, 2014 5:08pm EDT

Richard Fisher, president of the Federal Reserve Bank of Dallas, speaks on ''U.S. Economy and Monetary Policy: Where to From Here?'' during at luncheon in Hong Kong April 4, 2014. REUTERS/Tyrone Siu

Richard Fisher, president of the Federal Reserve Bank of Dallas, speaks on ''U.S. Economy and Monetary Policy: Where to From Here?'' during at luncheon in Hong Kong April 4, 2014.

Credit: Reuters/Tyrone Siu

(Reuters) - A top Federal Reserve official known for his hawkish policy views said Tuesday the Fed is on track for an earlier rate rise than he and his colleagues had forecast just a few months ago.

"I think the committee, as I listen to them and I can only speak for myself around that table during two days of discussion, is coming in my direction, so I didn’t feel the need to dissent,” Dallas Federal Reserve Bank President Richard Fisher said on Fox Business Network.

"We are going to have to move the date of liftoff further forward than had been projected the last time we issued the 'dots'” he said, referring to the official Fed forecasts for short-term interest rates, last issued in June.

Fisher said that if his colleagues do not continue to move in the direction of tightening monetary policy, "I will dissent."

(Reporting by Ann Saphir; Editing by Meredith Mazzilli)

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