Speaking in the Texas capital about 1,000 miles away, Fisher warned against the Fed opening the spigots of liquidity further to get the economy moving again, when the biggest culprit in his view was uncertainty over tax policy, given the huge national debt.

 

"It may provide immediate relief but risks destroying the plumbing of the entire house," said Fisher, who often uses colorful metaphors and literary references to enliven his speeches. "Better that the Congress and the president -- the makers of fiscal policy and regulation -- roll up their sleeves and get on with the yucky task of cleaning out the clogged drain."

 

Fisher and his fellow hawkish dissenters rotate off the Fed's policy-setting panel next year, and only one policy hawk -- Richmond Fed President Jeffrey Lacker -- will rotate in.