Shuli Ren, Columnist

Thanks, Stephen Miran. This Is Emerging Markets’ Decade Now.

A secular slump in the dollar is great news for international assets.

September 16, 2025 at 7:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Miran is creating conditions for EM assets to rally.
Photographer: Daniel Heuer/Bloomberg

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As President Donald Trump’s economic advisor Stephen Miran joins the Federal Reserve board, one thing is clear: The dollar will get a lot weaker.

A Trump supporter from day one, the Harvard-educated economist has strong views about the US currency. In a paper published last November, he mentioned dollar “overvaluation” 10 times. It was the root cause of America’s social and economic imbalances, weighing heavily on manufacturing while benefiting the wealthy, he lamented.