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Fed's Fisher: Twist plan having very minor effect!

Fed's Fisher: Twist plan having very minor effect (by Greg Robb)

WASHINGTON (MarketWatch) - The Federal Reserve's Operation Twist program to push down bond yields is only having a "very minor effect" on the economy, said Richard Fisher, the president of the Dallas Fed, on Tuesday. In an interview with the Fox Business Network, Fisher said the Twist program will only complicate the Fed's eventual exit strategy. Fisher said there is already "so much money lying fallow that's just not being used," including $1.5 trillion in excess bank reserves and over $2 trillion on corporate balance sheets. The money isn't being put to work at the moment because of fiscal uncertainty, Fisher said. "They have to stop doing what Republicans and Democrats together have been doing for far too long, that is digging a giant hole in which they are burying our children with debt and unfunded liabilities," Fisher said.