“Oil prices fell substantially last week, yet the stock market dropped to its lowest levels since early July. People who are used to seeing stocks rise as oil prices fall could very well wonder what happened. Richard Fisher happened,” writes The Associated Press.

“Fisher is the president of the Dallas Federal Reserve Bank and, as such, sits on the Federal Reserve’s committee that sets interest rate policy. In two speeches last week, Fisher said inflation was rising near the high end of the Fed’s tolerance level. Inflation, of course, is bad for the economy because consumers would have to pay higher prices for goods and services and would thus consume less.”