Asset prices have overshot, correction will come: Fed's Fisher

"I believe markets have overshot and we’re in for a correction at some point," said Dallas Fed President Richard Fisher, answering questions after a lecture in London.

Fisher cited the U.S. S&P 500 <.spx> and Britain's FTSE 100 <.ftse> stock indexes as examples of this trend.

He added that it will be difficult to gauge the full market impact of the central bank's stimulus measures until monetary policy is normalized.

"We won’t know the result until we normalize monetary policy and that will take several years," Fisher said.