Federal Reserve Bank of Dallas President Richard Fisher said central bank efforts to revive the economy have kept the United States from falling into a depression.
"Your central bank has worked hard to pull the economy back from the abyss," Fisher said in a speech Friday in Dallas that was similar to remarks he made in May.
The bank president's remarks buttress the Fed's assessment this week that the U.S. recession is easing.
Policymakers voted unanimously to refrain from increasing their $1.75 trillion bond-purchase program, saying "the pace of economic contraction is slowing" and noting "conditions in financial markets have generally improved." Still, "we have miles to go before we sleep," Fisher, 60, said.
