Hoenig warns policy will mean "someone has to pay" in the future

Thomas Hoenig

Speaking in London on Wednesday evening, the president of Kansas City Federal Reserve, Thomas Hoenig stressed his support for the Fed's "massive liquidity injections designed to staunch the financial crisis". But, he said  now the government needs to think about the long term and scale back the policy measures put in place during the crisis, in order to give the US economy a better long-term outlook.

Hoenig recommended that the Federal Open Market Committee (FOMC) should "gradually allow its $3

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