Stephen Miran, a former Federal Reserve Governor who served from September 2025 to January 2026, co-authored a research paper titled « A return to monetarism? » published in July 2026 alongside economists Peter Ireland and Nouriel Roubini, arguing that the Fed should give far more weight to monetary aggregates in policy decisions. The paper contends that measures like M2 money supply and Divisia indices are better predictors of inflation and economic growth than the Fed has acknowledged over the past several decades. Kevin Warsh, the current Fed Chairman, has expressed support for monetarist principles, increasing the likelihood that these ideas will influence actual rate decisions. In November 2025, Miran estimated that stablecoins could create multitrillion-dollar demand for dollar-denominated assets, putting structural pressure on US government debt demand.
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