Hoenig calls for Fed to lean against the wind

Thomas Hoenig

Thomas Hoenig, the president of the Kansas City Federal Reserve, has called for the Federal Open Market Committee (FOMC), to lean against the wind and raise rates to 1% in the near future.

Hoenig said on Wednesday: "Small reversals in rates would leave policy highly accommodative and supportive of our economy's recovery but would put more weight on mitigating the risk of longer-run financial imbalances."

Hoenig argued that a rate hike "would moderate credit conditions in a more timely fashion" a

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