The Fed's Hawk, Hoenig offers some advice

This week we have had an exceptionally busy speech schedule for Fed regional presidents, I think 10.

Kansas City Fed President Hoenig spoke today, (click the link for the full speech)

The tone of the speakers thus far has been hawkish for the most part. Some of the highlights from Hoenig's speech include his belief that the Fed's $3 Trillion dollar balance sheet should be brought back down to $1 Trillion gradually, that the Fed Funds rate should be lifted from zero to 1% within a short period of time, then the Funds rate should be evaluated and perhaps moved higher, that deflation should not be a primary concern, and finally that the Fed's current policy in the long run is likely to have dire consequences including instability, inflation, more lost jobs and that it would be a "Dear price for middle and lower income citizens to pay"