Top Trump adviser struggled to soothe investors in talks after market tumult

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Stephen Miran, the great economic advisor at Donald Trump, has struggled to reassure the leading bond investors at a meeting last week after a seizure of severe disturbances in Wall Street caused by the president’s tariff.

People who have direct knowledge of the issue said that Miran, Chairman of the Economic Advisors, met representatives from the highest hedge funds and other major investors in the White House Executive Office building on Friday.

Some participants found Friday’s meeting in reverse, as two people described Miran’s comments about the definitions and markets as “unsessed” or incomplete, and one of them said that Miran was “from his depth.”

“[Miran] One person familiar with the meeting said: “When you are with an audience, he knows a lot, talking points are dismantled very quickly,” when they caused questions, when they collapsed.

Another person has been encouraged to meet under the administration’s approach to canceling restrictions and tax discounts.

About 15 of the attendees were representatives of the hedge funds, Tudor and the castle, as well as PGIM and Blackrock asset managers. The event, held by Citigroup, was timed, coinciding with the International Monetary Fund Spring meeting.

The White House said when asked about the meeting: “Administration officials maintain regular contact with business leaders and industry groups on our commercial and economic policies. However, the only interest that directs administration and decision -making to President Trump is the best interest of the American people.”

Citi, Blackrock, PGIM, Balyasny, Citadel and Tudor have rejected the comment.

Trump’s policies have caused severe fluctuations in US stock and debt markets. US government bonds were sold sharply after the President April 2 announced the “mutual” sharp definitions. They settled after temporarily stopped fees for 90 days, but many investors remain ready.

The return of the Treasury Department in the United States was circulated for 10 years by 4.17 percent on Tuesday, a decrease from 4.59 percent on April 11. The return is transmitted to prices inversely.

Treasury Secretary Scott Beesen also addressed investors at a closed meeting last week. BESSENT comments that indicate that it is expected from the United States and China to reach a commercial deal in the “very near future” that helped raise American stocks.

But those present at the meeting with Miran said that he did not do much to reduce the participants about the turmoil in the markets and maintained the management line that the definitions will harm the United States’ trading partners more than American consumers. Miran also stated that the primary goal of the customs tariff was not to generate revenues, although additional revenues may be useful.

The Economic Counselors were established after the Second World War to advise the president’s local and international economic policy. However, the National Economic Council is responsible for coordinating policy.

Before joining the administration, Miran wrote about the advantages of the so -called Mar Lago agreement to align global markets firmly on American interests in trade and political geography.

His thinking elements, which were installed on the idea that the state of the dominant reserve currency in the US dollar, was identified in a wide -scale reading note in November. It includes weakening the dollar and linking US government bonds to arrangements to finance defense spending, in exchange for an American security guarantee.

Early this month, Miran delivered a speech at the Thinking Center at the Hudson Institute, which has not specifically called for a new global currency agreement, but said that the currency markets were “distorted” and there were “unfortunate side effects to provide reserve assets.”

Among its arrival is that countries should accept the customs tariff for exports to the United States without revenge, or simply “writing checks to the treasury that helps us finance global public goods.”

Bond investors contacted this and on the Trump tariff. Investors say the drowning of long -term bond prices and the decline in the dollar indicates that the role of the United States as a market in the market is under pressure.

One of the persons familiar with the situation said that Miran was increasingly distanced from ideas in the 2024 paper in recent meetings with investors.

The person familiar with the matter said: “He is in a complete retreat.”

Participated in additional reports by James Politi