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Donald Trump's best economic advisor, Stephen Miran, has struggled to reassure the main bond investors at a meeting last week who followed an intense tumult on Wall Street launched by the president's tariffs.
AnotherChairman of the Council of Economic Advisors, met representatives of the best hedge funds and other major investors in the Eisenhower Executive Board of the White House on Friday, people with direct knowledge of the case said.
Some participants found the meeting of Friday counterproductive, two people describing Miran's comments around price And the markets as “inconsistent” or incomplete, and one of them saying Miran was “out of its depth”.
“(Miran) had questions and it was then that it collapsed,” said a person familiar with Reunion. “When you are with an audience who knows a lot, the discussion points are dismantled fairly quickly.”
Another person familiar with Reunion was more encouraged by the administration approach to deregulation and tax reductions.
The 15 participants included representatives of the hedge funds Balyasny, Tudor and Citadel, as well as the PGIM and BlackRock asset managers. The event, summoned by Citigroup, was timed to coincide with the IMF spring meeting.
“Administration officials maintain regular contact with private sector and industry groups to talk about business and economic policies in the administration,” said a White House official when he was interviewed.
Citi, Blackrock, Pgim, Balyasny, Citadel and Tudor refused to comment.
Trump policies have sparked intense volatility in the American stock markets and debt. The obligations of the United States government sold strongly after the announcement of the president of the president of the president of the “reciprocal” rated prices. They stabilized after interrupting the samples for 90 days, but many investors remain in advance.
The yield of the US Treasury at 10 years exchanged 4.17% on Tuesday, against a summit of 4.59% on April 11. The yields pass in conversely to prices.
The Secretary of the Treasury, Scott Bessent, also addressed investors at a closed meeting last week. Bessent's comments indicating that it expected the United States and China to reach a “very close future” have helped raise American actions.
But the participants of Reunion with Miran said that he had not done much to appease participants about the tumult in the markets and maintained the administration line that prices harm the United States business partners more than American consumers. Miran also said that the main objective of prices was not to generate income, although additional income can be an advantage.
The Council of Economic Advisors was created after the Second World War to provide advice on national and international economic policy to the president. However, the National Economic Council is responsible for the coordination policy.
Before joining the administration, Miran wrote on the merits of a so-called Mar-A-Lago agreement to align the global markets more firmly around American interests in trade and geopolitics.
Elements of his thought, pinned about the idea that the status of dominant reserve currency of the US dollar represents a “burden”, have been described in a Note widely reading in November. They include the weakening of the dollar and holders of US government bonds to the agreements to finance defense spending, in exchange for an American security guarantee.
At the beginning of the month, Miran delivered a speech in the Hudson Institute's thinking group which did not specifically call a new world monetary pact, but said that the monetary markets were “distorted” and there were “unhappy side effects to provide reserve assets”.
Among its solutions were that countries should accept prices on exports to the United States without reprisals, or simply “write checks to the treasury which help us finance global public goods”.
Bond investors fell both on this subject and when Trump's prices are deployed. The long-term bond prices for a sinking and a drop in the dollar suggest that the role of the United States as a market paradise is under pressure, according to investors.
A person familiar with the situation said that Miran had moved more and more from the ideas of the 2024 newspaper during recent meetings with investors.
“He is retired on a large scale,” said the person who knows the question.
Additional report by James Politi
