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Fed dissenters speak out
As the latest dissenter to speak up, Fisher said he disagrees with committing to low rates for two years because access to cheap cash is simply not the problem facing the U.S. economy. The Federal Reserve has kept interest rates low already since 2008. Low rates are thought to spur the economy by making it cheaper for banks, businesses and consumers to borrow money. But Fisher argues that at this point, banks and businesses don't necessarily want to borrow more money. They're already sitting on an abundance of cash. "The banking system is awash with liquidity," he said. "These excess bank reserves are waiting on the ... (full story)
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