Fed accepts wealth redistribution at top, says ex-Kansas City chief
Hoenig calls for new accord with Treasury, as fellow former governors defend Fed independence
Congress and the US Federal Reserve have “implicitly accepted a significant redistribution of wealth” by suppressing interest rates and allowing the values of assets held by wealthy investors to rise, Thomas Hoenig has said.
The former president of the Federal Reserve Bank of Kansas City, speaking at a conference organised by the Peterson Institute for International Economics on October 31, said the central bank had pursued this strategy after expanding its objectives in the wake of the global
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