The US economy is in a "modest" recovery despite a recent spate of disappointing economic reports, said Kansas City Federal Reserve President Thomas 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," the Fed board member said in an interview with CNBC.
"I don't think any reasonable economist should expect more than that, given the events that we've gone through."
Hoenig made his comments as Federal Reserve and central banking officials from around the world gathered in Jackson Hole, Wyoming, to discuss continuing problems and concerns with the world economy. He suggested some new ideas for action may come out of the conference.