Steve Miran on Regulatory Dominance, Shrinking the Fed’s Balance Sheet, and the Return of Monetarism

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. Recorded August 20th, 2026 Transcript and links: https://www.mercatus.org/macro-musing... Stay connected: Subscribe to David's Substack: https://macroeconomicpolicynexus.subs... Follow David on X: https://x.com/DavidBeckworth Follow Stephen on X: https://x.com/SteveMiran Follow the show on X: https://x.com/Macro_Musings Timestamps: 00:00:00 - Life as CEA Chair 00:09:02 - Reducing the Fed's Balance Sheet 00:45:45 - A Return to Monetarism? Episode Credits Host: David Beckworth Lead Producer: Melody Hansen Video Editor: Melody Hansen Audio Editor: Alex Bennett Transcript Editor: Mary Horan Head of Production: Dallas Floer