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Revolt brewing at the Fed?

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Earlier this week, Kansas City Federal Reserve Bank president Thomas Hoenig said it is time for the fed funds rate to be moved to 1% by the end of this summer, up from its current range of 0-0.25%.

There is no way that is going to happen now — particularly in light of the dismal jobs report that came out Friday morning – but nevertheless the Fed has been taking credit for turning the economy around since last summer, when most economists felt the recession unofficially bit the dust.

Saying the U.S. recovery has momentum to sustain itself, Hoenig urged a “more normal” policy. The plot is thickening as other Fed officials including James Bullard (St. Louis), Charles Plosser (Philadelphia) and Richard Fisher (Dallas) have also made grumbles, even while voting for the status quo.

Full story: Revolt Brewing at the Fed? – FOXBusiness.com