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Fiscal and Monetary Policy: On Thin Ice
Will Kevin Warsh Move the Crowd From the Ice?
 • Thomas Hoenig
A Note on Warsh and a New Treasury–Fed Accord
Kevin Warsh, the Administration’s choice to Chair the Federal Reserve Board, has proposed that the Fed and Treasury establish a new Accord, hopefully…
 • Thomas Hoenig
Bank Regulation: A New Season
Balancing Regulatory Relief with Financial Stability
 • Thomas Hoenig
U.S. Economic Outlook for 2026: A Positive Wave with Growing Fragility
As 2026 begins, it is useful to anchor the outlook in the conditions that wrapped up 2025.
 • Thomas Hoenig
The Fed’s QE—and the Claim of a Technical Adjustment
How a large balance-sheet expansion blurs the line between liquidity management and monetary accommodation
 • Thomas Hoenig
The Federal Reserve’s Actions May Now Be Fueling Inflation
While markets today are focused on the Federal Reserve’s widely expected 25-basis-point interest rate cut, few have been paying attention to what is…
Published on The Unseen and The Unsaid • 
The Fed’s Ample Reserves Framework and the Rising Risk of Fiscal Dominance
An ample reserve framework increases the risk that Treasury financing needs will dominate Fed independence.
 • Thomas Hoenig
FinRegRag
FinRegRag
FinRegRag is the Mercatus Center's ongoing and informal discussion of all things financial regulation.
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