Fed's Fisher says he would oppose QE3 (by Greg Robb)

WASHINGTON (MarketWatch) - Richard Fisher, the president of the Dallas Federal Reserve Bank, said he would oppose any effort at the central bank to launch another round of asset purchases, known as quantitative easing, or QE3. "To ask the Fed to print more money in this case is just not the answer," Fisher said during an appearance on the CNBC cable television channel. The Fed has already filled the economy's gas tank and now investors and businesses have to step on the pedal. "We just have to be patient," he said, agreeing with the sentiment that the Fed should step back and let the economy heal itself. The weak May unemployment report was not a game-changer, and growth should pick up in the second half of the year, he said. Fisher, who opposed the Fed's current $600 billion asset purchase program, or QE2, said it may have been partly to blame for higher commodity prices.