Macro Musings with David Beckworth

Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 "dash for cash," how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed's standing repo operations, and much more.
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Check out the transcript for this week's episode, now with links.
Recorded on August 19th, 2026
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Timestamps
00:00:00 - Intro
00:01:20 - Ellen's Career and Responsibilities
00:09:29 - The Treasury Market
00:17:15 - All-to-All Trading
00:25:19 - Treasury Market Liquidity
00:32:59 - Treasury Borrowing Advisory Committee
00:39:28 - Central Clearing
00:44:51 - Ellen's Policy Wishes
00:46:20 - Outro

Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more.
Watch the full length video on our new YouTube Channel!
Check out the transcript for this week's episode, now with links.
Recorded on August 18th, 2026
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Timestamps
00:00:00 - Intro 00:01:23 - Nellie's Career 00:05:48 - The GENIUS Act 00:11:31 - Stablecoins as Private Money 00:27:32 - Fed Master Accounts 00:29:53 - Dollar as Global Reserve Currency 00:35:42 - Stablecoins and US Debt 00:46:49 - Nellie's Policy Recommendations 00:50:11 - Outro

Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve's third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed's balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more.
Watch the full length video on our new YouTube Channel!
Check out the transcript for this week's episode, now with links.
Recorded on August 20th, 2026
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Timestamps
00:00:00 - Intro
00:01:42 - Life as CEA Chair
00:08:40 - Reducing the Fed's Balance Sheet
00:42:23 - A Return to Monetarism?
00:54:32 - Outro

Donald Kohn is a 40-year veteran of the Federal Reserve System and a senior fellow in the Economic Studies program at the Brookings Institution. Don returns to the program to discuss the lessons of the Greenspan Fed, how Kevin Warsh should think about communication and forward guidance, why inflation remains a concern, the Fed's new task forces, the future of its monetary policy tools, and much more.
Watch the full length video on our new YouTube Channel!
Check out the transcript for this week's episode, now with links.
Recorded on July 22nd, 2026
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Timestamps
00:00:00 - Intro 00:01:25 - Working with Paul Volcker 00:08:22 - Working with Alan Greenspan 00:22:11 - The Kevin Warsh Fed 00:31:21 - Fighting Inflation 00:43:26 - Balance Sheet Task Force 01:08:21 - Outro

Ben Harris is vice president and director of economic studies at the Brookings Institution and previously served in senior economic policy roles at the Treasury Department and Council of Economic Advisers. Ben returns to the program to discuss why recent economic shocks have been less damaging than expected, the outlook for inflation and energy markets, whether AI can improve the U.S. fiscal outlook, why we should temper our AI optimism, how longer lifespans and higher interest rates could complicate the fiscal picture, and much more.
Watch the full length video on our new YouTube Channel!
Check out the transcript for this week's episode, now with links.
Recorded on July 20th, 2026
Subscribe to David's Substack: Macroeconomic Policy Nexus
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Timestamps
00:00:00 - Intro
00:00:55 - Reasons We Were Wrong
00:11:58 - Stubborn Inflation
00:14:57 - Crude Is Not Really the Problem
00:20:12 - A Novel Sanctions Regime
00:30:35 - Temper Your AI Optimism
00:39:34 - Longer Lives, But Larger Debt
00:45:00 - AI and the Future of Interest Rates
00:49:24 - Policy Implications
00:56:26 - Outro