Macro Musings with David Beckworth

Martha Miller is the head of Global Policy at Fidelity Investments, and Todd Fox is the president of the Visa Economic Empowerment Institute. They join the program to discuss public-private dialogue, the future of payments, stablecoins, financial innovation, trust, and balancing innovation with risk.
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Recorded on September 11th, 2026
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Timestamps
00:00:00 - Intro
00:00:51 - Public-Private Dialogue
00:07:18 - Innovation in Payments
00:18:10 - Stablecoins
00:38:53 - Balancing Innovation and Risk
00:44:57 - The Future of Innovation
00:55:12 - Outro

Darrell Duffie is the Adams Distinguished Professor of Management, Emeritus, and Professor of Finance, Emeritus, at the Stanford Graduate School of Business. He joins the program to discuss the challenges of shrinking the Federal Reserve's balance sheet, the future of payment-system design, the implications of tokenized finance, 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 September 18th, 2026
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Timestamps
00:00:26 - Intro
00:00:48 - Historical Context of Balance Sheet Discussions
00:04:49 - QT vs QE
00:14:44 - Fedwire
00:26:35 - Other Options to Shrink the Fed's Balance Sheet
00:32:14 - Tweaks to the Operating System
00:48:21 - Tokenized Finance
00:53:39 - Duffie's Recommendations
00:58:04 - Outro

Patrick Harker is the Rowan Distinguished Professor, Professor of Operations, Information and Decisions at the Wharton School of the University of Pennsylvania, and the former president of the Philadelphia Federal Reserve Bank. He joins the program to discuss his time at the Fed, the FOMC, Amish banking, his amazing academic career, and much more.
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Check out the transcript for this week's episode, now with links.
Recorded on September 10th, 2026
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Timestamps
00:00:00 - Intro
00:04:33 - Patrick's Career
00:21:32 - Amish Banking
00:28:29 - FedNow and Payments
00:34:59 - Crypto Assets, Tokenized Deposits, and Stablecoins
00:40:44 - Consolidation at the Fed
00:40:44 - Federal Open Market Committee
00:40:44 - Federal Reserve Balance Sheet
00:40:44 - Inflation and the Fed's Mandates
00:40:44 - Pat's Substack and Thoughts on AI
00:56:07 - Outro

Christina Skinner is a legal and financial scholar at the University of Pennsylvania, a former Bank of England official, and recently stepped down from her role as deputy assistant secretary in the FSOC office at the Treasury. Christina returns to the program to discuss her work with FSOC, the relationship between economic growth and financial stability, AI and financial regulation, central bank independence, the importance of democratic accountability, 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 September 10th, 2026
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Timestamps
00:00:00 - Intro
00:04:33 - Financial Stability Oversight Council
00:21:32 - Priority Workstreams
00:28:29 - AI and Financial Stability
00:34:59 - Real-World Experience and Teaching
00:40:44 - Central Bank Independence 2.0
00:56:07 - Outro

John Rolle is governor of the Central Bank of The Bahamas and is the second sitting central bank governor to appear on Macro Musings. In his first appearance on the show, John joins the program to discuss what it's like to manage a central bank in a small open economy with a fixed exchange rate, the economic vulnerabilities of a tourism-dependent economy, the SandDollar, the future of digital payments and financial resilience, 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 September 8th, 2026
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Timestamps
00:00:00 - Intro
00:02:02 - Central Bank of the Bahamas
00:18:02 - The Economy of the Bahamas
00:24:56 - Financial Stability in the Bahamas
00:39:29 - Dollar-Based Stablecoins in the Bahamas
00:42:50 - Tokenized Deposits in the Bahamas
00:44:14 - Future of the Financial System and Economy in the Bahamas
00:49:41 - Small Open Economy Central Banks
00:52:04 - Outro