Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Fed's Hoenig to retire in October

thomas_hoenig.top.jpg By Annalyn Censky, staff reporter


NEW YORK (CNNMoney) -- Time is almost up for one of the Federal Reserve's most candid inflation hawks. Kansas City Fed President Thomas Hoenig is retiring October 1.

While retirement was imminent because of Hoenig's age, the Fed officially announced his departure Friday morning. Fed presidents are subject to mandatory retirement once they reach 65 years old.

Famous Fed flubs
Bernanke and Greenspan aren't the only ones to have put their foot in their mouth over the years. Here's a look at Federal Reserve "oops" moments.

The regional bank has formed a committee to select Hoenig's successor.

Hoenig is known for being the Fed's lone dissenter last year, after he opposed the Fed's historically low interest rates at all eight Federal Open Market Committee meetings in 2010.

He has recently opposed the Fed's controversial policy of stimulating the economy through $600 billion in Treasury purchases, known as quantitative easing, and called for a hike in interest rates.

In his outspokenness, Hoenig has often invoked the Fed's famous "punch bowl" line, referring to a need to raise interest rates as the economy improves and before inflation and asset bubbles take hold.

"I really want to take away the punch bowl before the room gets drunk, because this punch is -- I think -- a little bit spiked," Hoenig said at the Council on Foreign Relations earlier this month.

Hoenig joined the Kansas City Fed as an economist in 1973. He was promoted to vice president in 1986 and president in 1991. To top of page

Index Last Change % Change
Dow 24,494.23 108.20 0.44%
Nasdaq 6,868.66 -6.42 -0.09%
S&P 500 2,661.34 1.35 0.05%
Treasuries 2.40 0.02 0.75%
Data as of 9:43am ET
Company Price Change % Change
Mondelez Internation... 42.87 0.22 0.52%
Exelon Corp 41.92 0.87 2.12%
Regions Financial Co... 16.98 -0.10 -0.59%
Huntington Bancshare... 14.62 -0.23 -1.55%
Range Resources Corp... 16.70 0.62 3.86%
Data as of Dec 11
Sponsors

Sections

More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More

An investment advisory group and policy experts say meat taxes are just a matter of time as governments try to reduce greenhouse gas emissions from livestock. More

The company said on Tuesday its hybrid gaming system -- one part mobile, one part home console -- sold 10 million units since its March 2017 launch. More