Hoenig; modest effect of oil prices on US economy

Kansas City Fed president Tom Hoenig said on Tuesday 28 September that high oil prices will probably slow U.S. growth but will not derail the economy provided there is not another sharp spike upwards.

"As long as oil prices do not rise significantly higher, the likely effects of recent increases will be relatively modest on the U.S. economy," Kansas City Federal Reserve Bank President Thomas Hoenig told a forum of local business leaders.

But he explained that the country was better protected fr

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