Stephen Miran

I have no idea.

You know, it's a problem.

Do you want to go back?

Well, you know, I think I'm going to be doing a lot of thinking over coming weeks about, you know, about what will happen and what things will look like.

But I don't know.

You know, we'll see.

We'll see.

We'll see how things shake out.

But, you know, with respect to fiscal policy, you know, as a member of the Fed board, it's just it's not really appropriate for me to comment on it one way or another.

And you'd have to talk to folks, you know, in the White House and in Treasury.

And I'm sure they've got plenty of views on appropriate fiscal policy that they'd be very happy to give you.

He's great too, but you know.

I mean, there are some pretty great snacks upstairs.

So, you know, it's not unappealing.

About whether to do something with the balance sheet?

You know, my perspective is that it is a good idea to shrink the balance sheet.

I've said this numerous times.

But I also think that in order to shrink the balance sheet, we need to do some regulatory reform because there are regulatory requirements that create demand for reserves in the banks.

We require the banks to hold reserves because of the various requirements under the Basel system, right?

So once we do some regulatory reform, then I think we can get back to shrinking the balance sheet.