Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on March 5th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Steve Kamin on X: @Steven_Kamin

Follow Mark Sobel on X: @Sobel_Mark

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps

00:00:00 - Intro

00:02:26 - Termites Eating Away at Dollar Dominance

00:16:52 - Future Threats to Dollar Dominance

00:19:47 - Stablecoins and Dollar Dominance

00:33:40 - Treasury Foreign Exchange Report

00:44:28 - Tariff Policy

00:53:25 - Second China Shock?

01:00:38 - Outro

Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

Macro Musings with David Beckworth