8:30 PM » Fed's Fisher: More data like July ISM service index will prompt rate move
WASHINGTON (MarketWatch) - If data continue to be as strong as the July Institute for Supply Management's service sector index, the Federal Reserve is going to have to hike rates sooner than it projected in June dot plot, said Dallas Fed President Richard Fisher on Tuesday. The ISM nonmanufacturing index rose to 58.7% last month from 56.0% in June, marking the highest level since December 2005. This is "awfully strong," Fisher said. If data keep showing such strength, "we're going to have to move the date of liftoff further forward than been projected last time we issued the dots," Fisher said. The debate among the central bankers "is coming in my direction," Fisher added.