Federal Reserve’s "most dovish" governor Stephen Miran returns to hedge funds, previously proposed the "Mar-a-Lago Accord"
Stephen Miran, who served in a key position in the Trump administration and is known for proposing the concept of the "Mar-a-Lago Accord," has officially returned to hedge fund Hudson Bay Capital Management after a brief stint as a Federal Reserve board member.
According to Bloomberg on Tuesday, Miran will return to this $22 billion hedge fund as a senior strategist. He joined the Federal Reserve Board in September this year and resigned in May, serving less than a year.
Hudson Bay CEO Sander Gerber stated, "The current market environment is increasingly affected by geopolitical developments, and Steve's return further strengthens our investment team."
Miran's return has attracted market attention because he is the central proposer of the "Mar-a-Lago Accord," a far-reaching framework for trade restructuring. This framework sparked widespread discussion on Wall Street and is considered an important lens for understanding Trump administration trade policy logic.
"Mar-a-Lago Accord": From Hedge Fund Report to Policy Discussion
Miran's connection to the "Mar-a-Lago Accord" began during his previous tenure at Hudson Bay. According to earlier reports by WallstreetCN, in November 2024, Miran, then a senior strategist at Hudson Bay, released a report titled "A User’s Guide to Restructuring the Global Trading System." The report detailed possible restructuring plans for the Trump administration, covering tariff strategies, monetary policy adjustments, and their potential impact on financial markets—forming the core concept of the “Mar-a-Lago Accord.”
Just one month after the report was published, Miran was nominated by Trump to chair the White House Council of Economic Advisers. The concept was initially circulated in small circles, but soon gained wider attention on Wall Street—institutional investors and analysts began evaluating its feasibility more seriously, holding meetings with clients and issuing research reports.
From Policy Maker to Market Participant
Miran's career path spans academic research, policymaking, and market practice. Before joining Hudson Bay, he served as a senior economic policy adviser at the U.S. Treasury during Trump's first term. He briefly returned to the hedge fund, authored the aforementioned report, was then called back to government as Economic Advisory Council chair, and in September this year advanced to the Federal Reserve Board.
After resigning from the Fed and returning to Hudson Bay, Miran will work alongside economist Nouriel Roubini, who served in the Clinton administration. The pairing—one a key architect of Trump economic policies, the other known as "Doctor Doom" for warning about financial crises—reflects the market's current focus on geopolitical and macro risk assessment.
Historical Context: Market Implications of Monetary System Changes
The reason the "Mar-a-Lago Accord" continues to attract market attention is its historical precedents. From the establishment of the Bretton Woods system to the signing of the 1985 Plaza Accord, every major adjustment of international currency and trade systems has been accompanied by intense market swings and great power rivalry.
Miran's return to Hudson Bay means the core proponent of this framework will once again be active in the market as a participant on Wall Street. For investors tracking the direction of U.S. trade policy, his research and strategic views may become important indicators.
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