Hoenig warns on rate overshoot - report

The Federal Reserve must guard against raising interest rates too high, Kansas City Federal Reserve President Tom Hoenig said Friday 19 May in an interview with the Wall Street Journal's Greg Ip.

Hoenig said Fed officials are aware of the lagged impact of past rate hikes on the economy and on inflation. "Let's maybe be a little bit patient here, and then decide what the right course is," Hoenig said

"One of the things I've learned is ... that monetary policy works with a lag, but it's hard to a