Hoenig: US economy will "weather this storm"
Thomas Hoenig, the president of the Kansas City Federal Reserve and the only member of the Federal Open Market Committee to vote against the 31 October rate cut, said that he thought the effects of the credit crunch were unlikely to spread very far.
Hoenig, who opted instead for a rate hold due to fears of creeping inflationary pressures, said that while he took the possibility of a downturn in US growth very seriously, he believed the economy "should weather this storm."
"I do expect somewhat
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