Kansas City Federal Reserve Bank president Thomas Hoenig Wednesday reiterated his preference for raising the federal funds rate to 1% from its current zero-bound, and quickly.

“You have a policy right now that is, in my opinion ... still couched in the terms of the crisis that occurred over two years ago,” said Hoenig, answering questions during a wide-ranging morning discussion at the Council on Foreign Relations. “We need to be thinking about recalibrating the policy to be in synch with the recovery.”

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