Policy may be reacting to the wrong signals, as powerful structural forces quietly reshape inflation and the economy beneath the surface.
In this episode live from the Digital Asset Summit, we sit down with Federal Reserve Governor Stephen Miran to unpack his recent dissent and why he believes inflation risks are overstated while the labor market deserves more support.
We explore oil shocks vs policy lags, AI and deregulation as disinflationary forces, shifts in the neutral rate, and how stablecoins could reshape global dollar demand. Enjoy!
TIMESTAMPS:
00:00 Intro
02:11 Why Miran Dissented
04:51 Looking Through Oil Shocks
06:36 AI And Deregulation Disinflate
10:04 The Case For Neutral
12:30 What Sets Neutral Rates
16:12 Ads (Arkham, Blockworks IR)
17:50 Where "Running It Hot" Narrative Fails
25:02 Skinny Master Accounts
27:02 Stablecoins And Dollar Demand
30:51 Tokenized Deposits Or Stablecoins
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DISCLAIMER
Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
