According to a story written today, the Federal Reserve apparently has a few cracks in its mission. Small ones at this stage but dissent nonetheless. What’s the friction? Apparently there are a few Fed members that are having some problems with the current loose-money policy fueling inflationfed yellen down the road. Perhaps to the point of the Fed raising the Federal Funds rate sooner rather than later?

Richard Fisher, President of the Dallas Federal Reserve wrote an opinion piece in the Wall Street Journal which appeared today, pointing out the perils of Fed Chair Yellen’s continued “dovish” stance on money policy. In the article, Fisher wrote, “I am increasingly at odds with some of my respected colleagues at the policy table of the Federal Reserve as well as with the thinking of many notable economists.” Usually such comments are reserved for FOMC meetings and later when meeting minutes are released later. It could be concluded that there are more members of the FOMC that are internally disagreeing with the current direction of Fed actions.

The current QEIII program which is scheduled to end later this fall which has been buying U.S. Treasuries and mortgage bonds to the tune of $85 billion per month since late 2012 having previously committed to buy nearly $1 trillion of the securities. This massive amount of purchases has kept interest rates low and the Fed Funds rate near its target of zero. The fact is the Fed can’t reduce rates below zero so the bond purchases right now is its only active program. Yet the sheer amount of these buys leads many economists to fear inflation. The theory is printing so much money drives the dollar lower and sparks inflation.

If Fisher simply kept his comments reserved for Fed officials only and not a short treatise on the problems of printing money in the world’s premier financial news source it would lead one to conclude that Fisher and a few others aren’t that concerned. Yet that didn’t happen. The division is now out in the open.