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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November 2025

Personnel Is Policy — And Innovation Depends on Both

Leadership at federal financial regulators is shifting agencies from enforcement-first habits to a future-focused, innovation-oriented posture

Published on The Unseen and The Unsaid • Nov 25, 2025

October 2025

The Stablecoin Interest Fight

Banks call stablecoin rewards a stability risk—do they really fear competition?

Oct 17, 2025 • Kayla Lahti

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The Fed Can’t Choose When to Be Independent

Policy independence is a core tenet of central banking: The Federal Reserve System must be able to set policy without short-run political interference…

Oct 16, 2025 • Thomas Hoenig

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September 2025

The Horns of a Dilemma: What’s a Central Bank to Do?

With growth, inflation, and debt in tension, the Fed must proceed with caution.

Sep 2, 2025 • Thomas Hoenig

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Questions for Stephen Miran

Policy-Focused Questions for the Fed Governor Nominee

Sep 2, 2025 • Thomas Hoenig, David Beckworth, and Kayla Lahti

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August 2025

Reflections on Jackson Hole 2025

The Monetary Framework Puts a Premium on Discretion as Fed Chairman Hints at Easing Policy

Aug 25, 2025 • Thomas Hoenig

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