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  <title>Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trump Term</title>
  <description>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. &amp;amp;nbsp; Transcript for this week’s  episode. &amp;amp;nbsp; Stephen’s Twitter: @SteveMiran Stephen’s Manhattan Institute profile &amp;amp;nbsp; David Beckworth’s Twitter:&amp;amp;nbsp;@DavidBeckworth Follow us on Twitter:&amp;amp;nbsp;@Macro_Musings &amp;amp;nbsp; Check out our new AI chatbot: the&amp;amp;nbsp;Macro Musebot! Join the new Macro Musings&amp;amp;nbsp;Discord server! &amp;amp;nbsp; Join the Macro Musings&amp;amp;nbsp;mailing list! Check out our Macro Musings&amp;amp;nbsp;merch! &amp;amp;nbsp; Related Links: &amp;amp;nbsp;  *ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* by Stephen Miran and Nouriel Roubini &amp;amp;nbsp;  *Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* by Saleha Mohsin and Carter Johnson &amp;amp;nbsp;  *Trump Allies Draw Up Plans to Blunt Fed’s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary &amp;amp;nbsp; Timestamps: &amp;amp;nbsp; (00:00:00) – Intro &amp;amp;nbsp; (00:01:49) – Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* &amp;amp;nbsp; (00:21:33) – Responding to Criticism from Janet Yellen and Others &amp;amp;nbsp; (00:28:21) – Addressing Trump’s Push for a Weaker Dollar &amp;amp;nbsp; (00:38:24) – Can We Weaken the Dollar While Still Ensuring Its Use? &amp;amp;nbsp; (00:43:07) – What a Second Trump Term Would Mean for Fed Independence and Crypto &amp;amp;nbsp;  (00:49:19) – Outro </description>
  <author_name>Macro Musings with David Beckworth</author_name>
  <author_url>http://macromarketmusings.blogspot.com/</author_url>
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