Hoenig: Slow Growth, But No Recession

A top Federal Reserve official pushed back on fears of a double-dip recession, predicting "slow, steady growth" in the U.S. economy despite some recent weak indicators. "No one knows for sure anything, but the fact of the matter is at least some of us have said -- I've said -- that we would have a slow but consistent growth in our economy," said Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, in an interview with FOX Business. "People talk about two to three percent -- that is not out of the realm of reasonable." Hoenig and his bank sponsor the annual central bankers conference in Jackson Hole, Wy., which opens tonight and continues through Saturday. More than 100 Fed officials, central bankers from other nations, academic experts, economists and others are meeting here amid slowing growth in the U.S. and European economies; rocky bailouts of highly-indebted European countries, and extreme volatility in financial markets.

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