Mercatus Center | Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trum... @MercatusCenter | Uploaded September 2024 | Updated October 2024, 19 hours ago.
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. (mercatus.org/macro-musings/stephen-miran-activist-treasury-issuance-and-monetary-policy-implications-second)
Stephen’s Twitter: @SteveMiran (https://x.com/SteveMiran)
Stephen’s Manhattan Institute profile (https://manhattan.institute/person/stephen-miran)
David Beckworth’s Twitter: @DavidBeckworth (twitter.com/DavidBeckworth)
Follow us on Twitter: @Macro_Musings (twitter.com/Macro_Musings)
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Related Links:
*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* (hudsonbaycapital.com/documents/FG/hudsonbay/research/635102_Activist_Treasury_Issuance_-_Hudson_Bay_Capital_Research.pdf) by Stephen Miran and Nouriel Roubini
*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* (bloomberg.com/news/articles/2024-07-25/usd-will-trump-s-push-for-a-weaker-dollar-work-wall-street-doubts-it) by Saleha Mohsin and Carter Johnson
*Trump Allies Draw Up Plans to Blunt Fed’s Independence* (wsj.com/economy/central-banking/trump-allies-federal-reserve-independence-54423c2f) 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
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. (mercatus.org/macro-musings/stephen-miran-activist-treasury-issuance-and-monetary-policy-implications-second)
Stephen’s Twitter: @SteveMiran (https://x.com/SteveMiran)
Stephen’s Manhattan Institute profile (https://manhattan.institute/person/stephen-miran)
David Beckworth’s Twitter: @DavidBeckworth (twitter.com/DavidBeckworth)
Follow us on Twitter: @Macro_Musings (twitter.com/Macro_Musings)
Check out our new AI chatbot: the Macro Musebot (ai.macromusings.org/) !
Join the new Macro Musings Discord server (discord.com/invite/T3SxtAQVJz) !
Join the Macro Musings mailing list! (mercatus.tfaforms.net/5060932)
Check out our Macro Musings merch! (bonfire.com/store/mercatus-podcast-swag/)
Related Links:
*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* (hudsonbaycapital.com/documents/FG/hudsonbay/research/635102_Activist_Treasury_Issuance_-_Hudson_Bay_Capital_Research.pdf) by Stephen Miran and Nouriel Roubini
*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* (bloomberg.com/news/articles/2024-07-25/usd-will-trump-s-push-for-a-weaker-dollar-work-wall-street-doubts-it) by Saleha Mohsin and Carter Johnson
*Trump Allies Draw Up Plans to Blunt Fed’s Independence* (wsj.com/economy/central-banking/trump-allies-federal-reserve-independence-54423c2f) 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
