Former Kansas City Federal Reserve President and CEO Thomas Hoenig joins 'Mornings with Maria' to address how to approach rising inflation.
THOMAS HOENIG: I think given the very strong demand, given the various cost of labor that's a supply shock, some of the trade issues, I think inflation is going to stay high. There's a lot of still excess consumption ability in the economy with these very high savings rates, so there's going to be a lot of demand. So, inflation is going to be high and the Federal Reserve is going to have to deal with that.
They know they have to move but they're still going to be very cautious about that unemployment rate. And that's the thing that I think will slow them down if they do slow down. And if they do move and they see low numbers, they start backing off, then that will be even worse because their credibility will be gone. It'll be even more difficult. They think to deal with inflation in the future.
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