Fisher is a hawk and an easing dissenter so his most recent comments are just more of the same from him. I think he may be alone, or close to it, in his call for tightening even in the face of what he terms an “anemic economic scenario”. Even Hoenig will probably not favor tightening if the economy is “anemic”.

I’m with Warren from Omaha – we’re probably in for a longer, rougher ride than most are foreseeing or at least willing to acknowledge. If that’s the case, I don’t see any tightening while we are in such a rut. I would be absolutely stunned if Fisher’s call for tightening in the midst of such a rut would be realized.