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Stephen Miran, the Harvard-trained economist who spent the last two years bouncing between some of the most powerful economic policy roles in Washington, is back where he started. He’s rejoining Hudson Bay Capital Management as a senior strategist, the same title he held before the government came calling.
Miran first joined Hudson Bay in February 2024. He departed to take up the role of Chair of the Council of Economic Advisers during the Trump administration, a position he held from 2025 to 2026. From there, he moved to the Federal Reserve Board of Governors. That stint lasted just eight months before he resigned in May 2026. During his time at the Fed, Miran distinguished himself from more hawkish members by advocating for lower interest rates. During the first Trump administration, Miran served as senior advisor for economic policy at the US Treasury from 2020 to 2021. His return to Hudson Bay became official on June 15, 2026.
On November 7, 2025, while still in government, Miran delivered a Fed speech addressing the implications of stablecoins for monetary policy. During his time in government, Miran was also noted for being “crypto-friendly.” Hudson Bay has a track record of publishing influential work with Miran, including a 2024 paper on activist Treasury issuance co-authored with economist Nouriel Roubini.
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