In a grim final speech as KC Fed president, Thomas Hoenig says he expects U.S. economic growth to lag behind historical norms for generations. Fed policy has done more harm than good: "When you encourage consumption by inhibiting your interest rates from rising to their equilibrium level, you will in fact buy problems, and we have in fact bought problems."
In a grim final speech as KC Fed president, Thomas Hoenig says he expects U.S. economic growth...
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