A September Rate Hike Would Be Very Difficult, Hoenig Says

• Fed press conferences should be held less frequently (e.g., every other meeting) to prevent staleness and allow for more genuine internal deliberation.
• Pre-signaling policy decisions by the Chair reduces the FOMC's options and internal trust.
• A September rate hike is 'very difficult' due to the proximity of the November election, with an 'unspoken truth' to wait until after.

Former Kansas City Fed President Thomas Hoenig critiques the Federal Reserve's communication strategy, advocating for less frequent press conferences to avoid staleness and enhance internal trust. He also expresses strong doubt about a September rate hike, suggesting the upcoming November election will likely deter such a move.