Capital Strength: The Long Game

Lower Capital Requirements Risk Eroding U.S. Banks' Competitive Advantage

Jun 29 • Thomas Hoenig

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Evolving Private Credit

Thomas Hoenig examines the rapid growth of private credit, rising leverage, and emerging risks that could threaten financial stability without stronger…

Jun 23 • Thomas Hoenig

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4

Chairman Kevin Warsh: The New Sheriff in Town

Chairman Warsh appears determined to get the markets behaving as markets and not as wards of the Fed.

Jun 18 • Thomas Hoenig

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3

Kevin Warsh and the Future of the Fed

Tom Hoenig and I reflect on Kevin Warsh, Fed independence, and lessons from the Bernanke transition to Fed Chair

Published on Macroeconomic Policy Nexus • Jun 8

May 2026

Chairman Warsh Takes the Reins. What Follows?

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

May 22 • 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

8

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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2

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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