Macro Musings with David Beckworth · Monday, September 7, 2026
Stephen Miran stated his interest in the Federal Reserve's balance sheet stemmed from extensive discussions during FOMC meetings and a perceived rut regarding the large balance sheet. He also mentioned the influence of his speeches and accompanying research paper on the topic, which provided a menu of options for balance sheet reduction.
“Well, look, you know, I got interested in this for a couple of reasons. One is, we did spend a lot of time at FOMC meetings discussing the balance sheet and short-run funding markets.”
“It does seem that I think we're sort of stuck in a bit of a rut with a big balance sheet.”