Macro Musings with David Beckworth Ellen Correia Golay on the Keys to Improving Treasury Market Resiliency
Nov 25, 2024
Ellen Correia Golay, an advisor at the Federal Reserve Bank of New York, dives into the complexities of the U.S. Treasury market. She shares her career insights and discusses the challenges of managing Treasury operations, especially during financial crises. Ellen highlights the significance of communication among policymakers and market participants. Key topics include new initiatives like the Treasury buyback program and transparency improvements through individual transaction reporting, aimed at enhancing market stability and efficiency.
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Forecasting Reserve Demand
- Ellen Correia-Golay corrected Bill Nelson's claim about easily forecasting reserve demand.
- She recounted her early career at the New York Fed, where she forecasted the Treasury General Account and its impact on the effective funds rate.
Career at the New York Fed
- Ellen Correia-Golay's career at the New York Fed has spanned various roles, from forecasting to market analysis.
- Her work now focuses on Treasury market resilience, ensuring the market functions smoothly.
Treasury Market Explained
- The Treasury market comprises cash and repo markets.
- The repo market adds complexity by allowing leverage and transforming investments.