Beyond zero: Kansas City Fed chief advocates easing interest rates higher.
Author | Cote, Mike |
Position | GOVERNMENT - Thomas Hoenig |
While the Federal Reserve has continued to keep rates near zero, the president of its Kansas City bank says the Fed will have to begin edging rates back up so the economy can achieve long-term health and stability.
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While Thomas Hoenig said he would never advocate a "sharp jump of policy rates," the long-time Fed official told a group in Denver that the Fed will need to "normalize" rates so it can balance the economy, one that is driven by the supply and demand of the markets.
"If we don't bring it back in balance ... our ability to have long-term, sustainable growth and wealth will be compromised," said Hoenig, noting that low interest rates consumers are earning on savings accounts are effectively subsidizing the economy.
Hoenig was dubbed a "rebel with a cause" by the Wall Street Journal in April for repeatedly objecting to the Central Bank's decision to keep rates low for an extended period of time. He has advocated a modest tightening, shifting rates toward 1 percent.
Hoenig, who took office in 1991, said the Fed was initially correct in keeping rates near zero but after three quarters of positive growth, it's time to move forward: "It was (correct) when we did it, but we have to think about tomorrow."
Addressing students attending the event at the Phipps Tennis Pavilion as part of Money Smart Colorado week, he said consumers have the responsibility not only to manage their own...
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