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Speeches by Richard W. Fisher

Speeches on the Eleventh District


Comments on Monetary Policy and an Annual Texas Economic Review
Dallas, Texas
December 3, 2014
"In my final four months at the Fed, I plan to urge my colleagues to think more outside the box ... in the interest of securing sound money, a sound economy and sound markets."

Richard Fisher's presentation to the Texas Public Policy Foundation PDF
Austin, Texas
April 16, 2014

¡Ándale Pues! Having Made the Tough Choices, Mexico Stands to Benefit From Reforms and Navigate Fed’s Tapering With Relative Ease
Remarks before the Association of Mexican Banks
Mexico City
March 5, 2014
"And I believe that as the tide of easy money recedes, Mexico stands ready for the next phase. Unlike other emerging market nations, Mexico seized the opportunity to make some tough decisions and is more resilient and globally competitive as a result."
Speech in Spanish


State of the Texas Economy: An Annual Update (With Reference to Gen. Sheridan and John Steinbeck)
Remarks before the Dallas Breakfast Group
December 19, 2013
"The U.S. ex-Texas has seen net job destruction for middle wage earners over the past decade. Meanwhile, Texas has experienced robust job creation for these important middle-income workers. Texas has not been immune to growing income inequality or the larger issue of labor market polarization, but the notion that Texas only creates minimum wage jobs is a myth."

Review, Reflect and Deflect (With Reference to the Texas Ratio, 'Super-Spreaders' and Three Great Newspapers)
Remarks before the Independent Bankers Association of Texas Annual Convention
San Antonio, Texas
September 23, 2013
"Doing nothing at this [FOMC] meeting would increase uncertainty about the future conduct of policy and call the credibility of our communications into question."

'Oil and Gas, Blondes and Over-Accessorized Brunettes, and Ruthless, Hard-Drinking Cowboys' (With Reference to Sheikh Zayed, Diana Natalicio, My Nephew Charles and President Peña Nieto)
Remarks at the University of Texas at El Paso Centennial Lecture
El Paso, TX
April 10, 2013
"At the moment, and for the foreseeable future, neither inflation nor deflation appears on the forecast horizon. However, the longer-term inflationary consequences of the massive quantitative easing programs we have undertaken—programs I have opposed in our Federal Open Market Committee (FOMC) meetings but that have been approved by the majority of the committee—are as yet unclear. Those aftereffects will depend on how artful the committee will be in unwinding that accommodation on a timely basis."


Adios “Texas Ratio”
(With an Unauthorized Rewrite of George Strait's Most Memorable Song and a Tribute to Bob Hankins)

Remarks at the Texas Bankers Association's 128th Annual Convention & Exposition
Fort Worth, Texas
May 11, 2012

"We were simply rewriting the words to George Strait's song, "All My Exes Live in Texas." It's not just ex-wives, but ex-businesses, ex-employers, ex-taxpayers and ex-voters of Michigan and California (and New York and other areas of the country) who are pulling up stakes and coming to live a new life and thrive in Texas."


Texas: What Makes Us Exceptional? Where Are We Vulnerable?
Remarks before the 2010 Pre-Session Legislative Conference
Austin, Texas
December 2, 2010

"With each passing year, Texas has consistently outperformed the rest of the nation in growing economic prosperity. Over the past three especially difficult years, the Texas economy has outperformed all other states, except for those tiny ones whose populations would not aggregate to the size of any of our major cities."

Risks to Sustained Economic Recovery
(With Lessons Learned from Winston Churchill and Teddy Roosevelt)

Remarks before the Annual Meeting of the Waco Business League
Waco, Texas
January 12, 2010

"If the Congress is not careful and ends up where it is going in tampering with the independence of the Federal Reserve, it will indeed lead us down the path to the politicization of the central bank of the world’s greatest economy, putting the United States on a road that leads directly to economic ruin."


Remarks Before the 55th Annual Meeting of the North Dallas Chamber of Commerce
Dallas, Texas
September 9, 2009

"As to the Federal Reserve reducing its balance sheet so as not to monetize the excess reserves waiting to be converted to bank loans to the private sector, I have been very clear: Given the lag between the time monetary policy is initiated and when it impacts the economy, that wind-down process needs to begin as soon as there are convincing signs that economic growth is gaining traction and that the lending capacity of the banking system is capable of expansion."


You Earn What You Learn
Delivered to the North Dallas Chamber of Commerce Seventh Annual Real Estate Symposium
Dallas, Texas
September 24, 2007

"The vital capital stock of our modern economy is not our buildings or our factories or our farms. It is our brains. It is our ability to conjure new and better ideas, inventions and solutions. It is our commitment to exceptional customer service. It is our designs for better buildings, faster computers and more successful space flights."

The U.S., Mexican and Border Economies
Remarks before a Federal Reserve Bank of Dallas Community Luncheon
Laredo, Texas
September 10, 2007
Speech in Spanish

"It is fair to say that I am encouraged by what I have heard against a background of constant negative speculation and the occasional discordant note, such as last week's employment numbers. Our economy appears to be weathering the storm thus far. The future path of that storm and the appropriate policy course, however, are still to be determined."

Higher Education in Texas
Remarks to the Rotary Club of Dallas
Dallas, Texas
June 13, 2007

"Economists may quibble about widgets and whatnot, but they are united on this: Education pays off. There's an irrefutable positive link between education and income. We see it across countries, between individuals, in America's progress over time and when comparing states. "

Remarks to the Headliners Club
Austin, Texas
February 27, 2007

"Last year, employment grew twice as fast in Texas as it did in the rest of the United States. Construction payrolls grew at five times the U.S. rate. We added 26,000 net new factory jobs in 2006, while the nation's manufacturers posted an overall loss of 110,300 jobs. The energy sector grew its workforce by over 13 percent, well outpacing the rest of the country's 7.5 percent rate. Our energy sector still only employs about 2 percent of our workforce. Texas excels at the high-value-added end of the equation: Our output per worker in computers and electronics has overtaken California's."

Brief Comments on the Economy and the Business of the Dallas Fed
Remarks before the Park Cities Rotary Club
Dallas, Texas
February 9, 2007

"At this early juncture in 2007, I think it entirely reasonable to expect the economy to maintain an average pace of 3 percent growth for the year. And, if we at the Fed do our job well, we should be able to accommodate that growth rate while bringing inflation down below 2 percent."


The Current State of the U.S. and Mexican Economies: Where Do We Go From Here?
Remarks at a Policy Forum hosted by the El Paso Branch of the Federal Reserve Bank of Dallas and Monterrey Branch of the Banco de México
Monterrey, N.L., México
September 25, 2006
Speech in Spanish

"As I sit at the FOMC table, I continue to fret more about inflation than I do about growth. While I am well aware of the risks to economic growth, the history of inverted yield curves, and the ever present possibility of exogenous shocks in a politically hazardous world, the “balance of risk,” in my book, is still tilted to the inflation side of the equation."

A Primer on Inflation
(with Comments on Real Estate in the Metroplex)

Remarks at the 6th Annual Real Estate Symposium, North Dallas Chamber of Commerce
Dallas, Texas
August 30, 2006

"Our current analysis points to an economy at a crossroads. High energy prices, rising interest rates and the slowdown in a red-hot housing market have taken some of the steam out of what had been a fairly robust expansion. At the same time, our current inflation indicators are not presently as well behaved as I would like them to be. Central bankers are always concerned when inflation starts to rear its ugly head. We know from experience that once inflation gains momentum, it becomes harder and harder to stop." 

The Federal Reserve and Texas
Remarks at a Community Luncheon Hosted by the Federal Reserve Bank of Dallas
San Antonio, Texas
August 29, 2006

"The business of getting it right on inflation is not an easy task. I keep a close eye on all of the inflation measures—especially now, when high energy prices and utility bills are putting pressure on many businesses to raise prices. But I put extra weight on the Trimmed Mean PCE Deflator because I believe it provides a more realistic picture of the price pressures in the economy and more accurately measures what conditions the operations of our economy."  


Globalization and Texas
Remarks before The Houston Forum
Houston, Texas
October 19, 2005

"We have millions of managers in our business community who have become experts at adapting to economic change with breathtaking alacrity. I am talking not just about CEOs but also about middle managers who operate supply chains, control inventories and fine-tune operations in our mighty economic machine. They are an important reason we have succeeded in growing our economy while others—great nations like Japan and Germany—had been stagnant, at least until adopting recent market-oriented reforms."

Contemplating the Nature of Money and the Capillaries of Capitalism
Remarks Before Downtown Waco Inc.
Waco, Texas
October 6, 2005

"Money flows are an economy's lifeblood, and the Federal Reserve's great responsibility lies in maintaining the cardiovascular system of American capitalism. The Federal Reserve's factory operations—from payments processing to bank regulation to the New York desk's trading activities—keep open the arteries, veins and even the capillaries of capitalism. We cannot let the equivalent of sclerosis block the arteries and disrupt the workings of the circulatory system. Nor can we let the inflation virus infect the blood supply and poison the system."

A Perspective on the Economic Outlook
Remarks before the Seventh Annual Economic Forum of the Greater Dallas Chamber
Dallas, Texas
October 4, 2005

"We heard that the pace of economic growth had begun to slow slightly prior to Katrina and that the disruptions from Katrina, and later from Rita, would initially slow growth a bit more. The U.S. economy grew at a 3.3 percent annual rate in the second quarter. Now, most forecasters anticipate growth closer to 3 percent in the fourth quarter. Many of them expect the bounce back from rebuilding the Gulf Coast to begin in early 2006, though the impact will be spread over several years. In the past, this pattern has repeated itself for a wide range of shocks and natural disasters. The one common element has been the resilience and flexibility of our free market economy."

An Overview of Banking, and the U.S. and Texas Economies
Remarks before the Texas Department of Banking Staff Conference
Saluting Texas Bank Examiners’ 100th Anniversary
Austin, Texas
September 12, 2005

"While Katrina's damage to Louisiana, Mississippi and Alabama is massive, the first-tier macroeconomic hit to the overall economy will be less so. Early estimates are notoriously unreliable. What's more, we tend to underestimate the inventiveness and cleverness of people and markets to respond to adversity."


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