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Patrick McHenry
Bloomberg politics contributor; former chairman, House Financial Services Committee
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Patrick McHenry (Bloomberg politics contributor, ex-House Financial Services chair) says the record 30-year auction yield shows the bond market is again speaking loudly to Washington about overspending, with the Warsh Fed stepping back and letting markets speak.
I think we're getting back to those days where the bond market can speak and speak quite loudly to Washington
Patrick McHenry says the US is on course for its largest non-wartime structural deficit as a share of GDP and in total, and the bond selloff is a heart-attack-style wake-up call.
This is also comes at a time where the federal government's on course to have the largest structural deficit. It's had outside of wartime as a percentage of the GDP and in total terms.
Patrick McHenry says the US has about 2,000 fewer banks than before the financial crisis and blames the cost of being a bank, arguing the banking lobby is scapegoating crypto.
We have two thousand fewer banks than we did pre financial crisis.
Patrick McHenry predicts the Clarity Act (crypto market-structure bill) will pass later in 2026 and that the banks' stablecoin-yield lobbying will not change votes.
they've got to shoot their shot otherwise clarity act will will be passed later this year
Bitcoin since this was said: ▲ +24.5% · 63,409 → 78,925 · as of 2026-09-08
Patrick McHenry predicts banks themselves will offer stablecoin yield in short order after the Clarity Act passes, as they did with money-market funds.
I think likewise you're going to see yields on the stablecoin products or some return of value to the users of stablecoin products and banks will be offering it
Bitcoin since this was said: ▲ +24.5% · 63,409 → 78,925 · as of 2026-09-08
Patrick McHenry thinks capital-gains indexing and a home-sale tax exemption are popular, would be a psychological positive for markets, and could pass relatively easily before the midterms.
No I think it's a popular issue and I think it would be a reassuring push to the market. It would be a psychological improvement rather than a very quick economic improvement.
Patrick McHenry says the federal government now pays more in interest than on national security, so small tax tweaks are marginal next to overspending.
We're paying now more on interest payments than we are on national security as a federal government.
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