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Inflation will ‘undermine’ US economy, growth over time: Thomas Hoenig

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Former Kansas City Federal Reserve CEO and President Thomas Hoenig argued inflation is a tax on the consumer and that over time it will diminish American economic growth on FOX Business’ “Mornings with Maria.”

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THOMAS HOENIG: We have a very significant supply chain interruption, if you will. Globally, that’s an added factor in what we used to think of as transition. I think we have to add another word — long transition — if we’re going to see this corrected, it will take some time. That’s obvious because it is global. We see it in energy. We see it across manufacturing. So the supply side of all this is going to put upward pressure on prices for some time to come. 

Now, with the 2020 and 2021 COVID legislation that created…

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