JEKYLL ISLAND, Ga. — Kansas Federal Reserve Bank president Thomas Hoenig on Friday renewed his call for raising the federal funds rate. His remarks came two days after his fellow Fed policymakers reaffirmed a pledge to keep the overnight money market rate near zero "for an extended period."

Hoenig, who dissented against the Federal Open Market Committee's zero rate policy and its resumption of quantitative easing Wednesday, contended that the Fed needs to start "normalizing" rates to achieve stable economic growth and housing recovery.

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