Dallas Fed President Richard Fisher Reiterates Inflation Fears at the Fed

In a speech delivered in San Francisco, Dallas Fed President Richard Fisher said the "I" word several times. Mr. Fisher said "If inflationary developments and, more important, inflation expectations continue to worsen, I would expect a change of course in monetary policy to occur sooner rather than later, even in the face of an anemic" economy. He went on to emphasize: "I don't know a single person on the committee that isn't concerned about inflation." In case you didn't get the hint that Fed Presidents Gary Stern and Thomas Hoenig dropped earlier this month, Mr. Fisher was there to pound you over the head with it. Perhaps he had asked for advice on expressing subtlety about his feelings on the direction of monetary policy from Sharon Stone. Ms. Stone accidentally let her political leanings show last week when she claimed that the devastating earthquake in China was a result of bad karma due to China's treatment of Tibet. In a speech delivered at Cannes, Ms. Stone said "I've been concerned about how we should deal with the Olympics, because they are not being nice to the Dalai Lama, who is a good friend of mine." Ms. Stone's films are now being boycotted in China, which is funny because her films are already being boycotted in the US primarily because they suck. How many people went to see "Basic Instinct II"? I'm guessing Mr. Fisher had more attendants at his speech last night in San Francisco.