Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trump Term

Macro Musings with David Beckworth

Stephen Miran is a former senior advisor to the US Treasury Department, a senior strategist at Hudson Bay Capital, and a fellow at the Manhattan Institute. Stephen is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about his recent paper with Nouriel Roubini titled, *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy,* as well as his thoughts on what a second Trump presidential term would mean for the Fed and financial markets.

Transcript for this week’s episode.

Stephen’s Twitter: @SteveMiran

Stephen’s Manhattan Institute profile

David Beckworth’s Twitter: @DavidBeckworth

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Related Links:

*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* by Stephen Miran and Nouriel Roubini

*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* by Saleha Mohsin and Carter Johnson

*Trump Allies Draw Up Plans to Blunt Fed’s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary

Timestamps:

(00:00:00) – Intro

(00:01:49) – Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy*

(00:21:33) – Responding to Criticism from Janet Yellen and Others

(00:28:21) – Addressing Trump’s Push for a Weaker Dollar

(00:38:24) – Can We Weaken the Dollar While Still Ensuring Its Use?

(00:43:07) – What a Second Trump Term Would Mean for Fed Independence and Crypto

(00:49:19) – Outro