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MARYVILLE, MO (2010-10-26) With interest rates remaining at zero, the president of Kansas City's Federal Reserve says we shouldn't be worried about inflation now but just wait until 2014.
Thom Hoenig spoke yesterday on the campus of Northwest Missouri State University. He says asset inflation is already underway. Hoenig points to gold prices, commodities, and land values going up as proof. He does not think inflation in the US economy is even a factor for the next year but with banks sitting on billions of dollars now and citizens continuing to hold back on purchases Hoenig predicts major inflation in the years ahead. Hoenig also repeated his renegade view among Federal Reserve presidents that the US cannot sustain a 0% interest rate and still expect a big recovery adding he is not for higher interest rates just "Non-Zero" ones.
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