Thomas Hoenig, the president of the Kansas City Federal Reserve, on Thursday once again called on the Federal Open Market Committee (FOMC) to begin raising interest rates from its current accommodative stance before it is too late.

"The longer you stay at ... zero and the more your economy adjusts to that, then when you finally do have to raise the rate, it has more of a shock to the economy and sets it back," Reuters, a newswire, reported Hoenig as saying. When asked when the Fed raised rates