Fed Won't Consider Rate Rise Until October
Jim Stem/Bloomberg via Getty Images Federal Reserve Bank of Dallas President Richard Fisher
By Ann Saphir

DALLAS -- The Federal Reserve will likely bring its massive bond-buying program to an end in October, and only after that will it consider when to raise U.S. interest rates, a top Fed official said Sunday.

"I personally expect us to end that program in October," Dallas Federal Reserve Bank President Richard Fisher said in an interview on Fox News. "Then we have to see how the economy is doing, including these broader measures of unemployment and where we stand before we can talk about how we might move the short-term rate."

U.S. unemployment registered 6.3 percent in April, a government report showed Friday. But broader measures of the strength of the labor market, including the labor participation rate and hourly wages, indicated the job market is still far from strong.

More workers are dropping out of the labor force, data showed, suggesting that many saw job prospects too poor to merit a job hunt. Average hourly wages last month didn't grow at all.

"It's too early to tell," Fisher said of when the economy will be ready for higher rates. "I'll make this prediction: some time in the next 100 years, interest rates will go up."

The Fed has kept short-term U.S. interest rates near zero since December 2008 and has bought trillions of dollars in long-term securities to help boost the economy and bring down unemployment.

Five months ago, with unemployment down sharply from its recession-era high around 10 percent, the Fed began cutting back on its monthly bond-buying stimulus.

Last week it continued that process, trimming its monthly purchases to $45 billion.

At the same time, the Fed has said it will keep rates near zero for a "considerable time" after it ends its bond-buying program so that it can assess the strength of the economy.

Fisher, who votes on Fed policy this year, has long wanted to end the bond-buying program and has warned that keeping rates too low for too long could feed unseen financial market bubbles.

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Leroy said he's gonna pay for my new car. How cool is that?

May 05 2014 at 8:56 PM Report abuse -1 rate up rate down Reply

Meet the uneducated hillbilly welfare shlthead, merrica.inda.crapper. He's the one with missing teeth and collects food stamps. Why do poor people in Mississippi vote conservative ?


May 05 2014 at 8:20 PM Report abuse rate up rate down Reply
1 reply to republicanslostagain's comment
Leroy Gd

Harsh words coming from a brainless numb nut lefty liberal who voted for our socialist community agitator twice.

May 05 2014 at 8:51 PM Report abuse -1 rate up rate down Reply
1 reply to Leroy Gd's comment

Go now hillbilly welfare shlthead and brush and floss your tooth before it falls out. That crack pot conservative merrica.inda.crapper must be one of Rush Limppig's favorite low information voters.

May 06 2014 at 5:06 AM Report abuse +2 rate up rate down

Until when, this Clueless President is gone in 2 years. Then America can come back to greatness and we can get jobs that pay and NOT worry about minimum wages.

May 05 2014 at 7:46 PM Report abuse -4 rate up rate down Reply
1 reply to robtucan's comment
Leroy Gd

That is if the numb nut lefty liberals don't vote for another know nothing fool like the last clown they elected.

May 05 2014 at 8:45 PM Report abuse -1 rate up rate down Reply

I guess if I was an uneducated, old, conservative, just barely making ends meet, I might be upset and miserable too.

Thankfully I'm educated, liberal, and affluent. Life's good kids. For me at least.

Now, I have to leave you. Are you going to be ok whining without adult supervision?

May 05 2014 at 7:36 PM Report abuse -4 rate up rate down Reply
2 replies to irq.hide777's comment

So I guess YOU are a minority in these Obama files. LOL

May 05 2014 at 7:47 PM Report abuse -1 rate up rate down Reply
Leroy Gd

You are just a numb nut lefty liberal who went to school, but was unable to learn how to think on your own and believes the government should take care of you.

May 05 2014 at 8:46 PM Report abuse -2 rate up rate down Reply

To read my posts, you would probably think there wasn't anything I liked about conservatives. Well that just isn't true. In fact there are two things I LOVE about you guys. 1) Most of you are quite OLD. 2) ALL of you are mortal.

May 05 2014 at 7:24 PM Report abuse -2 rate up rate down Reply
1 reply to irq.hide777's comment
Leroy Gd

Maybe you can add another thing to that list numb nuts, we help pay the way for your parasite comrades.

May 05 2014 at 8:48 PM Report abuse rate up rate down Reply
2 replies to Leroy Gd's comment

You gonna pay for my new Audi A6? That's mighty neighborly of you. Should be here in July. We don't have pricing on the 2015 models yet, but probably about 68K.

Thanks man. I really appreciate you stepping up.

May 05 2014 at 8:54 PM Report abuse rate up rate down

All I can do is make up a price right now. I think the base model Prestige is something like 58K. Add in the sports package and black optic package and you're looking at around 61K. The have included the full LED headlights, HUD, and power rear sunshade as standard now, but those are a few thousand in options on the 2014, so somewhere around 64K. I'm adding the driver assist package (2800), so we're around 67K, plus the Daytona Gray pearl (another 500), and maybe a slight year to year increase, so I think 68K is a good guess. Oh, and taxes and destination. Let's just call it 70K. How's that sound?

May 05 2014 at 9:22 PM Report abuse rate up rate down


May 05 2014 at 7:09 PM Report abuse -1 rate up rate down Reply

Boycott the BIG BAD BANKS... Close all your accounts including all your credit cards. We need to put them out of business!!

May 05 2014 at 7:06 PM Report abuse -3 rate up rate down Reply

My car stays in the drive way all the time now unless I have to go the market,pick of my kid from school or MAYBE A JOB INTERVIEW (what is that..lol)???

May 05 2014 at 7:04 PM Report abuse -1 rate up rate down Reply

I'm going to run down to the supermarket. Can I pick up anything for you conservatives? A CLUE, perhaps?

May 05 2014 at 6:38 PM Report abuse rate up rate down Reply
1 reply to irq.hide777's comment

Tim, if you think 2016 is going to be good for you, your are more delusional than I thought. Didn't you get the memo? You guys DON'T do well when people turn out in large numbers to vote.

May 05 2014 at 7:06 PM Report abuse -3 rate up rate down Reply

This clown, "truliberal1", thinks a lot of himself.

So that's one person.

May 05 2014 at 6:34 PM Report abuse -1 rate up rate down Reply