Hoenig says imbalances spell slow-motion crisis

The United States faces a "growth crisis over time" from its large and persistent current account balance, Thomas Hoenig, president of the Kansas City Federal Reserve Bank, said on Friday 16 June.

Hoenig was speaking from the audience during a panel discussion at a Boston Fed conference on global imbalances.

Continued imbalances create pressure on the U.S. currency and ultimately on interest rates, Hoenig said. "Over time that systematically lowers your potential growth rate and has a long-term

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