×

EXCERPTS: CNBC INTERVIEW: CNBC SENIOR ECONOMICS REPORTER STEVE LIESMAN SPEAKS WITH THOMAS HOENIG, FEDERAL RESERVE BANK OF KANSAS CITY PRESIDENT, ON CNBC TODAY

Thomas Hoenig
CNBC.com
Thomas Hoenig

WHEN: Today, Thursday, August 26th

WHERE: CNBC's “The Long Road: America Looks for Recovery”

Following are excerpts from the unofficial transcript of a CNBC interview with Federal Reserve Bank of Kansas City President Thomas Hoenig today on CNBC's “The Long Road: America Looks for Recovery” at 8pm ET. Excerpts of the interview will run throughout CNBC’s Business Day Programming.

All references must be sourced to CNBC.

HOENIG ON THE ECONOMY

TOM HOENIG: I-- I think-- you know, really what I've been saying is we have a modest recover. I've been saying that consistently. I continue to say that.

STEVE LIESMAN: So, all the bad news has not shaken your-- your belief in where the economy's going?

TOM HOENIG: I think good news and bad news comes, and you balance it out, and you look at the trends. And I think we have a modest recovery underway. No one-- I don't think any reasonable economist should expect more than that, given the events that we've gone through

It looks like not just America, but the world is looking to the fed right now for guidance. Will we get it here?

HOENIG ON THE CONFERENCE

TOM HOENIG: I think you will get a broad discussion. I think out of that, from different points of view, from different parts of the world, you'll get-- some disagreement. Hopefully some agreement, and some ideas about how to go forward. So, yes, I think we'll get something useful out of this conference for global economic development going forward.

STEVE LIESMAN: It-- it seems like the context is one of incredible uncertainty. Can you talk about that a bit?

TOM HOENIG: Uncertainty-- is driving things. We all know that. And the idea here is to-- get some ideas on the table. Get some options defined-- so that we can perhaps chart a path as a little longer term. But I think we'll address some of those uncertainties. Won't eliminate 'em, but perhaps address some of those uncertainties. That's the goal missing something? Not much here. Suggestions welcome

STEVE LIESMAN: Tom, I have to ask you some questions about the current issues that are out there right now. You've dissented quite a bit over the last several months. Is it something that you feel you need to continue doing here? What is the goal of dissenting?

TOM HOENIG: I think the most important thing for this conference and for anyone in policy position is to have a dialogue, have different points of view. I think that's the only way that you get-- to a better outcome in the long run. If everyone agrees with everything, then you don't need to have these discussions. So, it's very important to have different views. I hope to see that over the next few days, as a matter of fact.

HOENIG ON MONETARY POLICY

STEVE LIESMAN: One-- one other thing I want to ask about with the-- the context of monetary policy. We have not been in a situation of the zero bound before. Talk about the uncertainty that surrounds that relative to-- for a policymaker right now.

TOM HOENIG: Well, this is-- not really the first time we've talked about the zero bound. And I think that's one of the topics-- on the agenda over the next couple days. And I hope to hear more about it myself, and what other-- what world economists think, what other central bankers think about it. It's a good opportunity to-- have some-- some meaningful discussion around that topic.

TOM HOENIG: I-- I think-- you know, really what I've been saying is we have a modest recover. I've been saying that consistently. I continue to say that.

HOENIG ON WHERE THE ECONOMY'S GOING

STEVE LIESMAN: So, all the bad news has not shaken your-- your belief in where the economy's going?

TOM HOENIG: I think good news and bad news comes, and you balance it out, and you look at the trends. And I think we have a modest recovery underway. No one-- I don't think any reasonable economist should expect more than that, given the events that we've gone through.

About CNBC:
CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to more than 340 million homes worldwide, including more than 95 million households in the United States and Canada. The network's Business Day programming (weekdays from 5:00 a.m.-7:00 p.m. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J., and also includes reports from CNBC news bureaus worldwide. Additionally, CNBC viewers can manage their individual investment portfolios and gain additional in-depth information from on-air reports by accessing http://www.cnbc.com.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://nbcumv.com/cnbc/.