Thoughtful Money with Adam Taggart Former Fed Official Warns Money Printing Will Likely Kick Into High Gear Soon | Thomas Hoenig
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Dec 2, 2025 
Thomas Hoenig, former CEO of the Kansas City Fed and current Distinguished Senior Fellow at the Mercatus Center, shares his insights on upcoming Federal Reserve decisions. He discusses the likelihood of interest rate cuts, the challenges of inflation, and the importance of price stability. Hoenig raises concerns about how low rates exacerbate wealth inequality and critiques the Fed's 2% inflation target. He highlights potential pressures on Fed independence and reflects on historical political influences, suggesting necessary reforms for fiscal responsibility.
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QE Likely Returns Under Fiscal Pressure
- Thomas Hoenig warns QE is likely to return given fiscal pressures and debt growth.
- He says that would push the Fed toward fiscal dominance, adding a new implicit mandate to keep Treasury markets functioning.
Avoid Premature Rate Cuts
- Thomas Hoenig thinks a December cut is >50% likely but believes the Fed should avoid cutting now.
- He urges focusing on bringing inflation down rather than easing policy to appease political pressure.
Modernize Economic Data Sources
- Hoenig supports modernizing government economic data while keeping impartial public sources.
- He recommends using private realtime measures like ADP side-by-side with BLS to improve policy decisions.
