CHARLOTTE, N.C. — Federal Reserve Bank of Kansas City president Thomas Hoenig Tuesday said the Federal Reserve Board should learn from the experience of early 2000s, when it fueled excessive credit growth and speculation by holding interest rates too low for too long.

“There is no question that in my opinion, in the 2002-3 period, in hindsight … credit was very easy, and interest rates were very low,” he said. “That increased credit growth and speculative activity in the country.”

“We need to remember that and learn from that,” Hoenig said.

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