WHEN: TODAY, WEDNESDAY, JULY 14TH AT 8:30AM ET
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Federal Reserve Bank of Kansas City CEO Thomas Hoenig today on CNBC's "Squawk Box."
All references must be sourced to CNBC.
HOENIG ON GROWTH PROJECTIONS
STEVE LIESMAN: WHEN YOU LOOK AT RIGHT NOW, WHAT'S THE FIRST HALF VERSUS THE SECOND HALF? DO YOU SEE GROWTH ACCELERATING FROM WHERE WE ARE RIGHT NOW? HAVE YOU BROUGHT DOWN WHAT YOUR ESTIMATE WAS FOR THE FIRST HALF?
THOMAS HOENIG: I BROUGHT MINE DOWN A LITTLE BIT FROM THE FIRST HALF, BECAUSE I HAD ANTICIPATED MIGHT BE A LITTLE BIT GREATER THAN 3%, AND NOW BACK TOWARDS THE 3% NUMBER AS OTHERS ARE. SO, A LITTLE BIT OF A SLOWDOWN FROM MY EARLIER PROJECTION. BUT STILL, A SYSTEMATIC INCREASE IN THE GDP NUMBERS OF AROUND 3% AS WE TALKED ABOUT AT THE BEGINNING OF THE YEAR.
HOENIG ON UNCERTAINTY
STEVE LIESMAN: HOW LONG UNTIL THE FED HITS ITS INFLATION TARGETS AND THE FED HITS ITS UNEMPLOYMENT TARGETS WHICH ARE THE TWO MANDATES OF THE FEDERAL RESERVE?
THOMAS HOENIG: WELL TO ANSWER THAT QUESTION YOU HAVE TO TELL YOU WHAT WE ARE GOING DO WITH TAX POLICY, FISCAL POLICY, HOW WE ARE GOING TO IMPLEMENT THE NEW PIECES OF LEGISLATION. IT IS NOT A WHAT MONETARY POLICY DOES, THEREFORE HERE IS THE OUTCOME. IT IS MONETARY MIXED WITH HOW ARE MARKETS GOING TO DEVELOP. ARE WE GOING HAVE GREATER REGULATION OR REGULATION THAT BRINGS US GREATER STABILITY?
JOE KERNEN: THIS IS THE UNCERTAINTY THAT EVERYBODY IS TALKING ABOUT. YOU ARE UNCERTAIN, THIS IS THE SAME UNCERTAINTY THAT CORPORATE MANAGERS ARE DEALING WITH.
HOENIG: I AGREE VERY MUCH, I MEAN UNCERTAINTY, EVEN IN GOOD TIMES, I THINK CAN BE HARDER ON YOU THAN CERTAINTY IN BAD TIMES.
KERNEN: I DON'T FEEL BETTER AT ALL.
HOENIG: I'M SORRY ABOUT THAT. MY JOB ISN'T TO MAKE YOU FEEL BETTER, MY JOB IS TO TELL THE TRUTH.
KERNEN: YOU COULD THROW ME A BONE
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