Fed official wants rate hikes to fight inflation

07/10/2008 | CNBC

Federal Reserve Bank of Kansas City President Thomas Hoenig wants the central bank to raise interest rates to their "neutral" setting as quickly as possible. Hoenig, like other Fed policymakers, is concerned about escalating inflation. "If you can do that, the implications for the long run are much more favorable in terms of inflation expectations and how it gets embedded into the economy," he said Wednesday.

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