“The recession is receding,” says Former Dallas Fed President Richard Fisher. So why would you lower rates?  “Rates are normal now.  This is where things are supposed to be.”

Mr. Fisher thinks the economy is doing well, and the Fed won’t be politically accommodative to the President during the election year.  Firms aren’t laying off workers, but they’re not hiring much, and workers aren’t aggressively quitting either.  Furthermore, companies are holding on to employees.

The story of the economy for Mr. Fisher seems to be, “When you have a job, you spend money.”