Chairman Warsh Takes the Reins. What Follows?

Kevin Warsh inherits an economy shaped by deficits, inflation, geopolitical risk, and growing pressure on Fed independence.

19 hrs ago • Thomas Hoenig

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April 2026

Central Bank Independence — To What Degree?

How independent should central banks really be? Unchecked discretion risks fiscal dominance, asset inflation, and eroded credibility. A case for clear…

Apr 24 • Thomas Hoenig

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Kevin Warsh's Confirmation Hearing

Four Quick Reactions

Apr 21 • Thomas Hoenig

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Boom-Bust Cycle

Why the U.S. Economy’s Strength in 2026 May Lead to Instability in 2027

Apr 17 • Thomas Hoenig

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March 2026

Should There Be a New Treasury–Fed Accord?

Thomas Hoenig's testimony from this week's House Financial Services Task Force hearing on revisiting the Fed-Treasury Accord.

Mar 19 • Thomas Hoenig and FinRegRag

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February 2026

Fiscal and Monetary Policy: On Thin Ice

Will Kevin Warsh Move the Crowd From the Ice?

Feb 24 • Thomas Hoenig

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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…

Feb 2 • Thomas Hoenig

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January 2026

Bank Regulation: A New Season

Balancing Regulatory Relief with Financial Stability

Jan 26 • Thomas Hoenig

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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.

Jan 2 • Thomas Hoenig

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December 2025

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

Dec 15, 2025 • Thomas Hoenig

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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 • Dec 11, 2025

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.

Dec 8, 2025 • Thomas Hoenig

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