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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