The President of the Kansas City Federal Reserve Bank says the economy is slowly recovering from the collapse of the unsustainable borrowing and consumption that led to a bubble before 2008. But Kansas City Fed President Thomas Hoenig warns the Federal Reserve System is risking future problems by continuing to take steps to limit inflation.

Hoenig says he worries that Federal Reserve policies might be over-inflating farmland prices. He says they’ve doubled in the last couple of years.