Kansas Fed's Hoenig on monetary policy in 2007

In the speech 'The national economy and monetary policy in 2007' given on 19 January Thomas Hoenig of the Federal Reserve Bank of Kansas City said there has been a discrepancy lately between the views of FOMC members, as summarised in the Committee's public statements, and the views of many financial market participants.

"Although there is a wide range of views in the market, some participants have jumped to the conclusion that monetary policy will be eased in the near future. Surveys of

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