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Fed’s Hoenig lowers growth outlook but still wants hikes
By Jamie Coleman || July 13, 2010 at 19:05 GMT
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In an interview with Reuters, the Fed’s lonesome hawk, Kansas City’s Tom Hoenig, says that he has lowered his outlook for US growth to between 2.5 and 3.0% from above 3% this year, but he still thinks the Fed should hike. He says there is not a high probability of a double-dip recession and he sees a continued modest recovery despite recent mixed data. If the Fed began to hike now it would be years before they were at a neutral level, he says. Rates near zero create imbalances and and speculation, he says. The jobs market is recovering slowly, he says.
That’s all well and good Tom, but you’re an army of one, dude…No one else on the Fed is even remotely close to voting for a hike.
[...] Fed’s Hoenig; Growth less robust than though but should still hike rates [...]