Dallas Fed to markets: Party on Dude!

Dallas Fed President Richard Fisher tells Wall Street Journal readers (and investors) "Party On Dude!" No word on whether we need to be excellent to each other as well. Here's the quote of note ...

Q: Your benchmark for tightening is when you see the recovery gaining traction. Do you think we’ve seen convincing signs that it is gaining traction?

Fisher: We’re not there yet. You know that I’m a hawk. We’re going to move when we have to move. But it’s not now. Things are fragile but they’re moving in the right direction. If you step back, it is going to take a long time to heal from the kind of severe shock we had, the severe correction we had. There is more confidence but it is not anywhere near robust in the job creating private sector.

Quelle suprise! In response, the DXY just hit an intraday low and gold just hit a fresh all-time high.

UPDATE: I wrote a couple weeks ago that the Fed could give a you-know-what about the dollar, and I spelled out what the ramifications would be of its refusal to EVER do pre-emptive tightening. If you're interested, you can check the piece out here.