CEOInterviews.AI
Start App
Try: AI strategy tariffs earnings guidance layoffs interest rates growth

Stephen Miran

Former Governor, Federal Reserve Board Of Governors

Search every verified Stephen Miran interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Stephen Miran, former chair of the Council of Economic Advisers under President Donald Trump and former Federal Reserve governor, has continued to comment on monetary policy and economic conditions in recent media appearances. Now a senior strategist at Hudson Bay Capital Management, Miran has argued that the Federal Reserve should pay greater attention to monetary aggregates, such as money supply growth, as a cross-check on policy decisions. He has also discussed the Fed's balance sheet, suggesting that reducing demand for reserves could allow the central bank to shrink its balance sheet by $1 to $2 trillion without causing undue market stress. Miran has stated that he does not consider himself a heterodox economist, describing his views as within the mainstream of economic research. In his public commentary, Miran has expressed views on current inflation and interest rate policy. He has said that recent inflation is "much more likely to be transitory" than post-pandemic inflation because it is not driven by monetary or fiscal policy. He has also argued against raising interest rates, calling it "weird" to hike when inflation data are likely to be revised downward, and stating that hiking to compensate for "statistical noise" would be "effectively asking Americans to lose their jobs because of a measurement error." Miran has also discussed tariffs, saying they can raise significant revenue and reduce the fiscal deficit, and has characterized recent trade policy as a "reversion to historic norms" rather than a departure from tradition.

Recent appearances

Verified interview transcripts

Notable quotes

“The $1 to $2 trillion figure is what you could do if you take steps to reduce demand for reserves. If you take steps to reduce demand for reserves, you can then reduce supply of reserves as well without causing undue stress in the short funding markets. If demand goes left, you can shift supply left too without changing prices. Simple econ 101. So our calculations were that you could do one to two trillion dollars of”

“There's a handful of reasons why I think a small balance sheet is better. Economically, in general economists think that markets do a pretty good job of allocating resources. There are times when that fails and you want a big government intervention, but in terms of the balance sheet there's not really a market failure that would justify a big government intervention. So the default position of economics that a small”

“I think tariffs are very, very effective at that for two reasons. One, there is a huge amount of revenue. So you're reducing national savings because you're reducing the fiscal deficit right that revenue comprises reduced borrowing which means that your debt to the rest of the world is not going to grow as quickly as it was and you're discouraging in particular borrowing from abroad through the tariffs because you're”

“Hiking rates to compensate for this noise, statistical noise, is effectively asking Americans to lose their jobs because of a measurement error. I don't think the Fed should do that.”

“That's my read is that the Fed should stay on hold based on this, but also based on everything else that's going on in the economy. I mean, look at it this way. In June, you had a unanimous vote to hold rates constant. Since June, the inflation data have have been very favorable.”

“This time it's much more likely to be transitory. It's much more likely to be temporary this time because it's not driven by policy. It's not driven by monetary policy. It's not driven by fiscal policy.”

Other executives at Federal Reserve Board Of Governors

The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →