Hawkish Hoenig emphasises need for speed

Thomas Hoenig, the president of the Kansas City Federal Reserve, described the current federal funds rate as accommodative and said that it was important to move from this stance "in a timely fashion".

"The current increases in commodity prices are occurring in an environment in which inflation has been low and inflation expectations have become better anchored. However, like the 1970s, monetary policy is currently accommodative, not only in the United States but in many other countries around

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