20% Chance of Recession: KC Fed's Hoenig

Speaking from the annual Jackson Hole, Wyo., meeting hosted by the Kansas City Fed, Thomas Hoenig admitted the 20 percent figure is "a fairly high number."

"I have always said we would have modest growth. It's going to take time...it's not going to be straight up," Hoenig said. "We have a long path ahead of us, a long struggle to rebuild confidence in our economy, to rebuild our economy. But I am confident we can do that if we look a little further down the road and choose policies that are more long-term focused."

He also sees American business talking itself into a lack of confidence. The wrangling over the debt ceiling didn't help because it showed Washington doesn't have a clear direction about the economy either, he said.

Read Full Article from CNBC.com

- Posted: 2011-08-25 14:16:01

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