Credit Crisis 'Froze' Inflation: Dallas Fed Chief

Nevertheless, US is 'navigating the mother of all financial storms'
By Harry Kimball,  Newser Staff
Posted Nov 4, 2008 1:46 PM CST
Richard Fisher, president of the Federal Reserve in Dallas, said today the economic going will be rough even though inflationary pressure has nearly vanished.   (AP Photo)
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(Newser) – The credit crisis has had at least one unintended positive effect, stopping a growing threat of inflation, Bloomberg reports. Dallas Fed president Richard Fisher said “inflationary momentum froze in its tracks” as the credit market did the same, but otherwise had a poor view of the economy. “I don't see any economic growth in 2009,” he said. “None.”