Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, said an interest-rate increase would not hinder economic recovery. "Even if we were to start immediately, much time would pass before incremental increases could be considered tight or even neutral policy," Hoenig said. "I would not support a tight monetary policy in the current environment, but my experience tells me that we will need to remove our very accommodative policy sooner rather than later."

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