Feds Hoenig says 'close to where we need to be'

Interest rates are very close to appropriate levels after 15 straight meetings with quarter-point rate hikes, said Thomas Hoenig, the Kansas City Fed president.

"We're very close to where we need to be," Hoenig said in a speech to local business leaders in Kansas City on Tuesday 4 April, according to reports.

Hoenig said the federal funds rate at 4.75% was in the range of neutral, which neither spurs nor restricts growth. "And now we're in that range, it's more difficult. And that's what we mean

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