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Hoenig defends string of dissents in 2010

Hoenig defends string of dissents in 2010 (by Greg Robb)

WASHINGTON (MarketWatch) - Thomas Hoenig, the president of the Kansas City Federal Reserve Bank, defended Wednesday his record of dissents from all eight Fed interest-rate decisions taken in 2010. Hoenig said dissents are as important at the Fed as at the Supreme Court and rejected criticism that his opposition created confusion for investors. Hoenig repeated his worry that the Fed's $600 billion bond-buying program could create new bubbles and inflation. The economy is gathering strength but the Fed has maintained emergency monetary policy, he said. "Importantly, such actions as they continue are demanding the saving public and those on fixed incomes subsidize the borrowing public," Hoenig said. Hoenig will not be a voting member of the FOMC in 2011.