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Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trump Term

Macro Musings with David Beckworth

CHAPTER

Treasury Issuance and Economic Dynamics

This chapter examines the unconventional treasury issuance and its effects on the economy, particularly focusing on its role in facilitating a soft landing. The discussion highlights the relationship between treasury actions, interest rates, and market dynamics, drawing parallels to quantitative easing while addressing the political motivations behind these decisions. Additionally, it underscores the implications of treasury actions on monetary policy and economic stability amidst ongoing inflationary pressures.

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