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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (49915)	4/11/2002 3:37:22 PM
From: stockman_scott	Respond to of 65232

The Incitement That Raised the Generation of Suicide Terrorists Message 17311016

To: Jim Willie CB who wrote (49915)	4/11/2002 3:45:39 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Fed's Hoenig Says Fed Must Be "Mindful" Of Oil Prices Thursday April 11, 3:36 pm Eastern Time TULSA , Okla. -(Dow Jones)- Federal Reserve Bank of Kansas City President Thomas Hoenig said Thursday that the Fed needs to be "mindful" of higher oil prices, though he suggested there was little in the way of policy responses to contain the drag they could exert on spending and profits, according to a recording of a question and answer session with an audience here. Asked about the significance of the latest volatility in oil markets caused by the conflict in the Middle East, Hoenig said: "any time you insert greater uncertainty into an economic situation, this can hurt." "There is no question this Middle East issue is out there. We need to be mindful of it," he said. Hoenig said the U.S. economy could operate largely unscathed by oil prices in the mid-$20 a barrel range, but he added: "If there's a spike something like there was a year or so ago, when it went above the 30s, it can have two effects." "One is you are taking earnings away from corporations, excluding energy companies of course; two, you are taking spending income away from the consumers. "It is a factor. We have to be very mindful of that, but you can't really factor that into policy making," Hoenig said. Earlier, Hoenig delivered a speech that audience members said was essentially the same speech he delivered on two occasions last week. -By Michael Casey, Dow Jones Newswires; michael.j.casey@dowjones.com