1 rich Libsyn https://www.libsyn.com 90 600 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. Watch&amp;nbsp;the&amp;nbsp;full length video&amp;nbsp;on our new YouTube Channel! Check out the&amp;nbsp;transcript&amp;nbsp;for this week’s episode, now with links. Recorded on August 20th, 2026 Subscribe to David's Substack:&amp;nbsp;Macroeconomic Policy Nexus Follow David Beckworth on X:&amp;nbsp;@DavidBeckworth Follow Stephen Miran on X: @SteveMiran Follow the show on X:&amp;nbsp;@Macro_Musings Check out our Macro Musings&amp;nbsp;merch! 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 Macro Musings with David Beckworth https://macroeconomicpolicynexus.substack.com/ <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/42749485/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/content/205888910