MIRAN GIVES STRONG ARGUMENTS FOR CUTTING THE FED'S BALANCE SHEET.

@FirstSquawk Balance sheet reduction sounds clean in theory until markets start reacting to disappearing liquidity

@FirstSquawk strong take, miran always drops gems

@FirstSquawk Balance sheet runoff's a constraint on real rates though. If Miran's argument is QT hamstrings rate cuts, that's just saying "the Fed should've never done QE" — which is true, but 15 months into this admin and we're still dealing with the hangover.

@FirstSquawk Said by no one......other than Trump.

@FirstSquawk He said cutting rates, not tightening the balance sheet

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