Former Dallas Fed President Advises Against Interest Rate Cuts

Richard Fisher says the economy doesn't currently warrant lowering rates.

Published on Feb. 21, 2026

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Richard Fisher, a former president of the Federal Reserve Bank of Dallas and current senior advisor at Jefferies, appeared on CNBC's "Squawk Box" to share his views on the state of the economy and the Federal Reserve's interest rate policy. Fisher expressed that he does not see a present need for the Fed to cut interest rates, stating that the current economic conditions do not warrant such a move.

Why it matters

Fisher's perspective is notable given his previous role as a senior Fed official. His comments suggest that the central bank may not be inclined to lower rates in the near future, despite some market expectations for rate cuts. This could have implications for consumer borrowing costs, investment decisions, and the broader economic outlook.

The details

During the interview, Fisher discussed a range of topics, including President Trump's nominee for Federal Reserve chair, Kevin Warsh, and his assessment of the overall economy. Fisher stated that he does not believe the current economic conditions necessitate a reduction in interest rates by the Fed.

  • The interview aired on CNBC on February 18, 2026.

The players

Richard Fisher

A former president of the Federal Reserve Bank of Dallas and current senior advisor at Jefferies.

Kevin Warsh

President Trump's nominee for Federal Reserve chair.

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What they’re saying

“I don't see a present need to cut interest rates.”

— Richard Fisher, Former Dallas Fed President (CNBC)

The takeaway

Fisher's comments suggest the Federal Reserve may be hesitant to lower interest rates in the near future, despite some market expectations. This could have implications for consumer borrowing costs, investment decisions, and the broader economic outlook.