'I don't think there's any hurry,' says former Dallas Fed President Fisher on rate decision
December 22, 2025 • 4m 59s
Scott Wapner (Host)
00:00.070
two
of
the
most
anticipated
questions
of
twenty
twenty
six
are
who
will
be
the
next
fed
chairman
and
how
many
times
will
they
cut
rates
for
some
clues
let's
welcome
in
richard
fisher
he's
the
former
dallas
fed
president
now
a
senior
advisor
at
jefferies
it's
good
to
see
you
Scott Wapner (Host)
00:13.710
welcome
back
Richard Fisher (Senior Advisor)
00:15.230
thank
you
and
happy
holidays
to
you
and
everybody
at
CNBC
we
Scott Wapner (Host)
00:19.030
appreciate
you
thank
you
all
right
would
you
cut
rates
in
twenty
six
if
you
had
the
vote
Richard Fisher (Senior Advisor)
00:23.830
depends
on
what
the
numbers
show
we
got
some
rather
dodgy
inflation
numbers
recently
they're
incomplete
you're
hearing
if
you
talk
to
business
leaders
that
they're
going
to
try
to
move
prices
a
little
bit
more
aggressively
next
year
at
least
once
i
talk
to
and
we
also
hearing
Richard Fisher (Senior Advisor)
00:42.390
that
we're
getting
a
lot
of
Richard Fisher (Senior Advisor)
00:44.710
a
lot
of
propelling
coming
from
the
AI
capex
investment
which
seems
to
be
carrying
a
lot
of
GDP
all
that
needs
to
be
settled
out
next
year
so
i
would
wait
and
see
i
don't
think
there's
any
hurry
i
also
don't
think
under
the
current
structure
of
the
fed
there's
a
predisposition
Richard Fisher (Senior Advisor)
01:02.310
under
chairman
pals
leadership
to
necessarily
commit
already
to
moving
next
year
other
than
myron
i
doubt
you're
going
to
see
people
advocating
until
we
get
better
data
and
we
just
haven't
had
a
full
set
of
data
the
last
inflation
data
we
got
is
only
good
from
the
fourteenth
of
Richard Fisher (Senior Advisor)
01:21.390
the
month
onwards
so
we
didn't
get
a
full
month
view
and
certain
sectors
were
left
out
it
looked
Scott Wapner (Host)
01:26.950
reference
we'll
have
to
see
if
that's
true
you
reference
mister
meyer
and
who
who
said
in
an
interview
that
the
fed
risks
recession
without
more
interest
rate
cuts
he
said
if
we
don't
you
don't
buy
that
Richard Fisher (Senior Advisor)
01:39.550
no
look
he
is
he
is
by
the
way
a
very
nice
man
he
conduct
himself
from
what
i
understand
at
the
meetings
very
respectfully
but
he's
just
carrying
the
water
for
president
trump
so
i
don't
buy
it
and
and
and
i
do
think
the
president
would
like
to
have
if
it
doesn't
work
and
i
pray
Richard Fisher (Senior Advisor)
01:57.150
to
god
his
economic
program
does
work
from
the
standpoint
of
deregulation
etcetera
and
the
good
stuff
he's
doing
i
hope
the
economy
continues
to
grow
but
it
would
be
nice
to
have
a
fall
guy
and
obviously
they're
setting
up
the
fed
to
be
a
fall
guy
which
i
don't
think
is
fair
i
Richard Fisher (Senior Advisor)
02:12.790
think
the
fed
's
done
a
pretty
good
job
here
particularly
after
cutting
rates
recently
but
as
you
saw
scott
on
your
previous
interview
the
the
yield
curve
is
steepening
and
we're
not
seeing
the
tenure
come
below
four
percent
that's
a
question
of
treasury
auctions
and
who
feels
Richard Fisher (Senior Advisor)
02:30.670
comfortable
with
the
way
the
balance
sheet
of
the
government
's
running
income
and
expenditures
on
interest
so
i
don't
think
it's
fair
to
blame
the
fed
as
he
seems
to
be
predisposed
to
doing
until
you
actually
see
what
the
outcome
is
we
don't
know
what
Scott Wapner (Host)
02:46.510
the
outcome
is
yet
the
the
challenge
i
guess
certainly
one
of
them
is
the
the
idea
of
letting
the
economy
run
hot
right
run
it
hot
is
is
out
there
sort
of
in
the
zeitgeist
around
the
the
market
and
what
the
fed
might
be
willing
to
do
because
if
you're
gonna
get
a
tremendous
Scott Wapner (Host)
03:05.270
productivity
boost
from
AI
you
can
in
many
ways
offset
the
idea
that
you're
going
to
have
some
runaway
inflation
by
letting
it
run
hot
a
la
greenspan
in
ninety
six
in
which
we're
on
the
cusp
of
the
thirtieth
anniversary
of
that
and
i
should
also
mention
one
in
which
steve
Scott Wapner (Host)
03:23.590
liesman
is
going
to
explore
in
much
deeper
form
tomorrow
versus
go
down
you
you
described
yourself
the
last
time
you
were
on
with
me
quote
i
was
i
am
i
always
will
be
a
hawk
right
Scott Wapner (Host)
03:37.430
so
versus
this
inherent
feeling
that
you
have
of
always
feeling
that
way
because
you're
afraid
of
what
would
happen
if
the
effects
of
inflation
were
to
get
out
of
control
once
again
i
mean
how
do
you
square
both
ideas
Richard Fisher (Senior Advisor)
03:54.430
well
first
of
all
scott
remember
i
also
said
and
half
jokingly
but
jokingly
the
doves
are
members
of
the
pigeon
family
Scott Wapner (Host)
04:01.950
you
Richard Fisher (Senior Advisor)
04:02.550
did
oriental
logically
so
i
don't
want
to
be
a
pigeon
for
anybody
and
that's
what
my
reference
was
to
being
a
hawk
i
want
to
make
sure
the
fed
does
its
job
to
make
sure
inflation
or
deflation
doesn't
rate
its
ugly
head
and
every
president
as
i've
said
to
you
many
times
every
Richard Fisher (Senior Advisor)
04:23.550
politician
worries
about
jobs
over
anything
else
the
job
of
the
fed
is
to
keep
the
balance
we
do
still
have
very
low
unemployment
but
we
keep
hearing
that
things
are
getting
worse
no
hiring
retaining
but
not
hiring
new
numbers
the
numbers
have
not
been
strong
so
we're
just
going
Richard Fisher (Senior Advisor)
04:43.230
to
have
to
see
what
the
balance
has
got
i
mean
the
fed
wants
to
do
what's
right
and
that
dual
mandate
makes
their
job
as
the
chairman
has
said
and
everybody
says
it
serves
on
that
committee
it's
a
tough
decision
right
now
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