Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve's third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed's balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more.

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Recorded on August 20th, 2026

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Timestamps

00:00:00 - Intro
00:01:42 - Life as CEA Chair
00:08:40 - Reducing the Fed's Balance Sheet
00:42:23 - A Return to Monetarism?
00:54:32 - Outro

Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism

Macro Musings with David Beckworth

Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism