The Odd Couple: The Fed and Treasury Nexus

Host Greg Dowling sits down with Karthik Ramanathan, former Director of the U.S. Treasury’s Office of Debt Management, for a behind-the-scenes look at how the Treasury and the U.S. Federal Reserve intersect. From managing trillions in debt issuance to coordinating with the Fed around day-to-day policy execution as well as crisis event triage, Karthik shares firsthand insights into how Treasury decisions shape U.S. financial stability and global market dynamics. The conversation covers auction strategy, debt management, and the delicate balance between independence and collaboration—especially in times of economic and political stress.

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