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