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In recent news, Donald Trump’s top economic adviser, Stephen Miran, faced challenges in reassuring leading bond investors following a period of market turmoil triggered by the president’s tariffs. Miran, who chairs the Council of Economic Advisers, met with representatives from top hedge funds and major investors at the White House’s Eisenhower Executive Office building. However, some attendees found the meeting to be counter-productive, with Miran’s comments on tariffs and markets being described as “incoherent” or incomplete.
Despite the challenges faced during the meeting, there were some positive aspects highlighted by another participant who was encouraged by the administration’s approach to deregulation and tax cuts. The event, which was convened by Citigroup, included representatives from hedge funds such as Balyasny, Tudor, and Citadel, as well as asset managers from PGIM and BlackRock.
The Trump administration’s policies have been a source of volatility in US equity and debt markets, particularly following the president’s announcement of steep tariffs. While the US government bonds initially sold off, they stabilized after the tariffs were paused for 90 days. However, many investors remain cautious.
Treasury Secretary Scott Bessent also addressed investors in a closed-door meeting, expressing optimism about a potential trade deal between the US and China in the near future. Despite this positive outlook, attendees of the meeting with Miran were left feeling unsettled about the market turmoil and the administration’s stance on tariffs.
Before joining the administration, Miran proposed the idea of a “Mar-a-Lago Accord” to align global markets more closely with US interests in trade and geopolitics. While his views on weakening the dollar and restructuring the global trading system have garnered attention, there are indications that Miran may be moving away from these ideas in recent discussions with investors.
Overall, the meeting with Miran shed light on the challenges and uncertainties facing the markets in the current economic landscape. It remains to be seen how the administration’s policies will continue to impact investors and the global economy moving forward.
This article is a summary of the original content from the White House Watch newsletter and additional reporting by James Politi. Unlock the newsletter for more in-depth analysis and insights into the implications of Trump’s second term on the economy and international relations.
