Fed will act when needed says Hoenig

Recent gains in US inflation should fade, but if this assessment is wrong, the Federal Reserve will act decisively to keep prices in check, top Fed policymaker Tom Hoenig said on Wednesday 9 June.

"I am reasonably confident these short-term price rises are temporary," Kansas City Federal Reserve Bank President Thomas Hoenig told reporters at a media question-and-answer session.

"If we see it break out, that obviously requires a more aggressive response on our part.... (But) if you look at wher