Thomas Hoenig, former President of the Kansas City Fed (1991-2011), former Vice Chairman of the FDIC (2012-2018), and currently the Distinguished Senior Fellow at the Mercatus Center, says that the banking system is still "vulnerable".
Two days after the filming of this interview, regulators closed Philadelphia-based Republic First Bank on April 26. Hoenig also discusses his outlook on the economy, inflation, and monetary policy.
*This video was recorded on April 24, 2024
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0:00) - Intro
1:30) - Banking sector still 'vulnerable'
12:30) - Bank run and financial collapse
14:50) - FDIC and cryptocurrency
18:05) - Inflation outlook
22:54) - Fed cuts this year?
24:10) - Why have a 2% inflation target?
28:39) - QE and inflation
29:54) - Fed policy and other central banks
31:50) - QT and asset prices
32:47) - Fed's forward guidance
36:00) - How Fed decisions are made
37:00) - Politics and the Fed
37:34) - Fed's performance in 2024
