Fed's Fisher: No need for QE3 given improved data (by Greg Robb)

WASHINGTON (MarketWatch) - A better tone to economic data shows that the economy does not need more unconventional easing from the Federal Reserve, said Richard Fisher, the president of the Dallas Federal Reserve Bank, on Thursday. "It appears the economy is doing much better," he said. Wall Street analysts are engaging in "wishful thinking" when they forecast more Fed asset purchases. "Our job is not to prop up the Street," Fisher said. The Fed's statement last month that pushed out the central bank's projected first rate hike until late 2014 was meant as a signal "that rates are going to stay low for as long as it is practicable," he said. "It is not saying it is going to absolutely, necessarily occur in late 2014, but the intention is to keep things as they are until we see improvement in the economy," Fisher said. He said he did not support the argument that the Fed should purchase more mortgage-backed securities to drive down mortgage rates and help the housing sector.