I once described Paul Fisher, the head of markets at the Bank of England, as having his swagger back once the recovery started, only to be reprimanded by the Bank. It was impossible to use the words “Paul Fisher” and “swagger” in the same sentence, I was told.
That view was clearly correct, judging by his latest speech. Mr Fisher is so rooted to the fence, he is unable to express a judgement on almost anything. Everything on one hand is precisely balanced by things on his other hand. With such equivocation, Mr Fisher is not the most interesting Monetary Policy Committee member. He seems destined to follow where others lead and does not appear a swing voter on the delicately balanced Committee.
Mr Fisher’s discussion of the amount of spare capacity in the economy is a good example of how loathed he is to make any judgements. Read more