Federal Reserve policy maker Thomas Hoenig says "Wait and See" on Interest Rates

October 18 2007 CNBC.com Federal Reserve policy maker Thomas Hoenig said on Wednesday he was open minded about the future direction of U.S. interest rates but was on alert for fallout from financial market woes. Investors are split on whether the Fed will lower its key interest rate when it next reviews policy on Oct. 30-31 after a hefty half a percentage point cut last month aimed at shielding the U.S. economy from a housing slump. "The question that one asks is what are the implications for policy and the answer to that is obvious and is wait and see. Because it depends on how all these factors play out," Hoenig, president of Federal Reserve Bank of Kansas City, told a dinner audience.

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