June 24, 2013 / 5:26 PM / in 5 years

Fed's Fisher says market is manic depressive

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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