Fed's Hoenig says too soon to be behind curve

Kansas Fed president Thomas Hoenig said on Tuesday 6 June that monetary policy acts with a lag and, as a result, it was premature to say the U.S. central bank was "behind the curve" in raising interest rates.

"When I look at the inflation expectations, I have seen some movement up but I've seen that in the past. So I think it is frankly too early to tell in terms of whether we have this issue of being behind the curve," Kansas City Fed President Thomas Hoenig said following a speech hosted by