Stephen Miran
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Miran navigates contested intellectual terrain with precision, rehabilitating monetarism not by ideology but by evidence, distinguishing what the data actually say from what conventional frameworks assume they say. His instinct is always diagnostic: which model fits this weather, which signal is being ignored, where is the lag miscalibrated.
“That you have with a politically compromised central bank of just delivering too much stimulus over time. The economy is going to get more stimulus than it really merits over the course of the business cycle, over the course of many business cycles. And people come to come to expect that. And therefore, you will cement.”
“Yeah, it's quite extraordinary. I'm not aware of Treasury using that and it's issuance and its refunding announcements previously. I haven't done a study of refunding announcements back 50 years, but I'm not aware of it being used before.”
“The Treasury issued zero coupon debt, right? Zero intermediate and long term debt, and all in all bills, right? That would remove an enormous amount of interest rate risk from the market and thereby begin pushing up other forms of other asset prices as well.”
“Countervailing support against that because I do think it's important to restore the credibility of our institutions and head off questions about regularity and regular and predictable. But I think it's important to understand that policy isn't policy issuance policy like any other policy isn't chosen in a vacuum.”
Bloomberg Talks: “Former Fed Govenor Stephen Miran Talks Fed, Relationship with Trump”
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