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

Published: Sept. 2, 2024, 4:01 a.m.

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.

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Transcript for this week\u2019s episode.

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Stephen\u2019s Twitter: @SteveMiran

Stephen\u2019s Manhattan Institute profile

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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth

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Related Links:

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

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*Trump Wants a Weaker Dollar But Wall Street Doubts He\u2019ll Get One* by Saleha Mohsin and Carter Johnson

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*Trump Allies Draw Up Plans to Blunt Fed\u2019s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary

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Timestamps:

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(00:00:00) \u2013 Intro

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(00:01:49) \u2013 Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy*

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(00:21:33) \u2013 Responding to Criticism from Janet Yellen and Others

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(00:28:21) \u2013 Addressing Trump\u2019s Push for a Weaker Dollar

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(00:38:24) \u2013 Can We Weaken the Dollar While Still Ensuring Its Use?

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(00:43:07) \u2013 What a Second Trump Term Would Mean for Fed Independence and Crypto

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(00:49:19) \u2013 Outro