Fed's Fisher says not time for investors to panic

WICHITA FALLS, Texas., Oct 6 (Reuters) - Federal Reserve Bank of Dallas President Richard Fisher said now was not the time for investors to panic in financial markets and that there were opportunities.

Speaking to KFDX-TV before a speech here, Fisher acknowledged that there was a retrenchment going on in financial markets as investors shun risk and seek safer havens for their money.

"There is a retrenchment from the great excesses we've had," he said. "There is a correction. I don't think it's time to panic."

Fisher said that good investors know that there are investment opportunities in distressed financial markets and know how to take advantage of those.