Hawkish Hoenig stresses inflation risks

The likelihood of a recession in the United States is smaller than others are suggesting, says Thomas Hoenig, the president of the Kansas City Federal Reserve.

"Although I, like others, see a significant slowing of economic activity through the first quarter of 2008, there also is a case to be made that growth will strengthen over the balance of the year. And, in my view, the likelihood of a recession is smaller than others are suggesting," Hoenig said on Monday. "I also judge that in the

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