Fed's Hoenig says US rate moves to depend on data

Kansas City Fed President Thomas Hoenig said on Friday 8 July that the U.S. Federal Reserve's policy is currently accommodative and how fast official rates move to neutral will depend on incoming economic data.

"We see that the markets are suggesting that the policy rate, the fed funds rate, will be about 3-3/4 percent by year-end. And what they're thinking about, I believe, is this concept that we talk about more these days and that's an equilibrium policy rate for the U.S. economy, the neutr