Meyer takes aim at the Greenspan legacy

US - Kansas City Fed President Thomas Hoenig, who broke a recent pattern of Federal Open Market Committee unanimity by voting against a half-percentage-point rate cut on May 15, is not a real FOMC dissident, reports Dow Jones news.

That title must go to Fed Governor Laurence Meyer, who confirmed his status as the central bank's pre-eminent extremist on 17 July by calling for the Fed to adopt explicit inflation targets. It's a proposal that runs counter to everything the Greenspan Fed stands for.


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