Ellen Correia Golay on the Keys to Improving Treasury Market Resiliency
Macro Musings with David Beckworth
Release Date: 11/25/2024
Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation
Macro Musings with David Beckworth
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Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation
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 on the History of Free Banking and the Future of Bitcoin
Macro Musings with David Beckworth
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 on the role of the SEC, Financial Surveillance, and Crypto
Macro Musings with David Beckworth
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 on the Dollar, Fiscal Dominance, and Geoeconomics
Macro Musings with David Beckworth
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 on the Role Central Banker Relationships Play in Economic Crises
Macro Musings with David Beckworth
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 and Josh Hendrickson on the Future of Bitcoin
Macro Musings with David Beckworth
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 on the Global Impact of US Stablecoin Regulation and Crypto Adoption
Macro Musings with David Beckworth
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 on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves
Macro Musings with David Beckworth
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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George Hall on the Fiscal Consequences of the US War on COVID
Macro Musings with David Beckworth
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:...
info_outlineEllen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more.
DISCLAIMER: Ellen Correia Golay’s views are her own, and they do not represent those of the Federal Reserve Bank of New York or the Federal Reserve System.
Transcript for this week’s episode.
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Related Links:
*Enhancing the Resilience of the U.S. Treasury Market: 2024 Staff Progress Report* by the Inter-Agency Working Group on Treasury Market Surveillance (IAWG)
*The 2024 U.S. Treasury Market Conference* — An event hosted by the Federal Reserve Bank of New York
Timestamps:
(00:00:00) – Intro
(00:03:09) – Ellen’s Career Journey and Role at the New York Fed
(00:17:13) – Breaking Down the Treasury Market
(00:20:38) – Current and Future Challenges in the Treasury Market
(00:29:54) – How Would Central Clearing Impact the Fed and the Treasury Market?
(00:31:47) – Explaining the Treasury Department Buyback Program
(00:36:12) – Commencement of Data Dissemination on Individual Nominal Coupon Treasury Transactions
(00:38:29) – Requiring the Reporting of Non-Centrally Cleared Bilateral Repos
(00:41:26) – The 2024 U.S. Treasury Market Conference
(00:43:50) – Future Areas for Reform in the Treasury Market
(00:46:43) – Outro