Sam Schulhofer-Wohl on How to Improve Treasury Market Resiliency
Macro Musings with David Beckworth
Release Date: 08/05/2024
Macro Musings with David Beckworth
Samim Ghamami is former SEC economist. Samim returns to the show to discuss the fiscal trajectory of the US, the outlook of interest rates, the US Treasury market’s impact on inflation, potential reforms to the Treasury market and much more. Check out the for this week’s episode, now with links. Recorded on August 5th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Samim on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:42 - Fiscal Trajectory of...
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Jerry Dwyer is a professor emeritus of economics at Clemson, a vice president at the Federal Reserve Bank of Atlanta and is currently a senior fellow at the Bitcoin Policy Institute. In Jerry’s first appearance on the show, he discusses what it was like having Milton Friedman as a mentor, the history of free banking, the status of cryptocurrencies including Bitcoin, and much more. Check out the for this week’s episode, now with links. Recorded on July 22nd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jerry on X: Follow the show on X: ...
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Hester Peirce is a current commissioner at the Securities and Exchange Commission and serves on its crypto task force. Hester returns to the show to discuss her time and role at the SEC, the SEC evolving role in the regulation landscape, the problems with our current state of the financial surveillance, the state of crypto for a regulator’s perspective, and much more. Check out the for this week’s episode, now with links. Recorded on August 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Hester on X: Follow the show on X: Check...
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Robin Brooks is a senior fellow at the Brookings Institution. Robin returns to the show to discuss his previous appearance in March of 2020, life at a think tank, the changing or not-so-much status of the dollar, Trump’s trade war, the current landscape of geoeconomics and much more. Check out the for this week’s episode, now with links. Recorded on August 7th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Robin on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00...
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Aditi Sahasrabuddhe is a political scientist at Brown University and the author of the new book, Banker’s Trust: How Social Relations Avert Global Financial Collapse. In Aditi’s first appearance on the show, she discusses how central bankers’ relationships in the 1920’s impacted the global economy, how the ending of those relationships played a part in the Great Depression, how we can apply those principles to the Great Recession and the present, and much more. Check out the for this week’s episode, now with links. Recorded on July 30th, 2025 Subscribe to David's...
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Will Luther is an associate professor of economics at Florida Atlantic University and a fellow at the Bitcoin Policy Institute. Josh Hendrickson is a professor of economics and the chair of the economics department at the University of Mississippi. Josh is also a fellow at BPI. Will and Josh return to the show to defend the idea of a strategic Bitcoin reserve, discuss the future of Bitcoin, and contend with the problem of Bitcoiners, and much more. Check out the for this week’s episode, now with links. Recorded on June 25th, 2025 Subscribe to David's Substack: Follow David...
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Rashad Ahmed is a former Treasury and Office of the Comptroller of the Currency financial economist and is currently an economist at the upstart Andresen Institute for Finance and Economics. In Rashad’s first appearance on the show, he discusses the real-world impacts of the GENIUS Act, what US stablecoin regulation means for the rest of the world, the state of crypto adoption, and much more. Check out the for this week’s episode, now with links. Recorded on June 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Rashad Ahmed on X: ...
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Paul Kupiec is a senior fellow at the American Enterprise Institute. In Paul’s first appearance on the show, he discusses life at a think tank, the insolvency of the Fed, theories on how to fix the Fed’s balance sheet, Ted Cruz’s call to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro...
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Check out David's Substack: for a special 500th episode post! George Hall is a professor of economics at Brandeis University and formerly worked as an economist at the Chicago Federal Reserve Bank. George returns to the show to discuss the current fiscal status of the US, how the Big Beautiful Bill will impact the fiscal outlook going forward, the history of running deficits in the US, and much more. Check out the for this week’s episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow George on X:...
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Ben Harris served in numerous high-ranking roles as a public sector economist and is now the vice president and director of economic studies at the Brooking Institution. In Ben’s first appearance on the show, he discusses the fiscal health of the US government, including the rising primary deficient, the impact of the Big Beautiful Bill, the proposition of stablecoins and AI as a solution to our debt, his love of basketball and much more. Check out the for this week’s episode, now with links. Recorded on June 18th, 2025 Subscribe to David's Substack: Follow David...
info_outlineSam Schulhofer-Wohl is the Senior Vice President and the Senior Advisor to the President of the Dallas Fed, Lorie Logan. Sam is a longtime veteran of the Federal Reserve System and has also previously served at the Minneapolis and Chicago Federal Reserve banks. Sam joins David on Macro Musings to talk about Treasury market resiliency issues, the floor system, the Friedman Rule, bank deposits, the monetary policy implications of labor migration across the United States, and much more.
Transcript for this week’s episode.
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Related Links:
*The Customer Settlement Risk Externality at US Securities Central Counterparties* by Sam Schulhofer-Wohl
*Deposit Convexity, Monetary Policy, and Financial Stability* by Emily Greenwald, Sam Schulhofer-Wohl, and Joshua Younger
*Understanding the Long-Run Decline in Interstate Migration* by Greg Kaplan and Sam Schulhofer-Wohl
*Is a Treasury Central Clearing Mandate the Path to Increased Central Clearing?* by Marta Chaffee and Sam Schulhofer-Wohl
*The Netting Efficiencies of Marketwide Central Clearing* by Michael Fleming and Frank Keane
*Ample Reserves and the Friedman Rule* - A speech by Dallas Fed President Lorie Logan at the 2023 European Central Bank Conference on Money Markets
Timestamps:
(00:00:00) – Intro
(00:01:31) – Sam’s Wide-Ranging Career Path
(00:11:08) – The Customer Settlement Risk Externality
(00:14:30) – Breaking Down the Treasury Market
(00:18:38) – The Importance and Effectiveness of Central Clearing
(00:26:50) – The History and Role of FICC
(00:32:27) – All-to-all Trades as a Path to Reforming the Treasury Market
(00:36:52) – The Future Timeline for Central Clearing
(00:39:07) – *Ample Reserves and the Friedman Rule*
(00:46:52) – *Deposit Convexity, Monetary Policy, and Financial Stability*
(00:52:21) – The Importance of Labor Migration for Monetary Policy
(00:59:42) – Outro