Kansas City Federal Reserve Bank President Thomas Hoenig on Tuesday said that the economy is poised to grow modestly and that some elements of core inflation have started to back off.
"This mixed bag of information is something we have to sort through as we think about what policy should be as we move forward," Hoenig, who is a voting member this year on the Federal Reserve's interest rate-setting committee, told a business group.
The Fed bank president cautioned that the housing market remains a risk to the economy. He added that the strength of the consumer is key to the economy's growth going forward.