Ellen 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