Josh Younger

Lev Menand, a Columbia Law professor, and Josh Younger, a policy advisor at the Federal Reserve Bank of New York, explore the intricate world of eurodollars. They dive into the origins of this $10 trillion market, tracing its roots to post-World War II Europe amidst Cold War tensions. The discussion reveals how geopolitical dynamics shaped the eurodollar's development, the role of eurobanks in trade across the Iron Curtain, and London's emergence as a financial hub. This unique market highlights the complexities of shadow banking and its impact on global finance.

Lev Menand, a Columbia Law School professor, and Josh Younger, a policy advisor at the Federal Reserve Bank of New York, dive into the tumultuous history of eurodollars. They discuss the pivotal moment of Nixon's move away from the gold standard in the 1970s and its lasting impact on modern finance. The conversation also explores how geopolitical tensions, particularly from the 1973 oil embargo, reshaped global monetary policies and created economic turbulence. Their insights illuminate the complexities that define today's financial landscape.

Lev Menand, a Columbia Law School professor, and Josh Younger, a Federal Reserve Bank of New York policy advisor, delve into the fascinating history of the Eurodollar market. They discuss its evolution during the tumultuous 1960s and how it transformed the dollar into a strategic asset amid Cold War tensions. The duo explores the interplay between monetary policy and international finance, addressing challenges like dollar stability and liquidity. They also highlight pivotal figures and events that shaped American economic policies during this critical period.

Josh Younger, a senior advisor at the Federal Reserve Bank of New York and former JPMorgan researcher, dives deep into the intricacies of bank rate risk. He discusses why banks often hesitate to pass on interest rate hikes to customers and explores how depositors' behavior shifts in different economic climates. The conversation reveals the challenges banks face with duration risk and the stability of deposits, highlighting the delicate balance between maintaining depositor rights and ensuring effective lending strategies.

In this discussion with Josh Younger, Senior Advisor at the Federal Reserve Bank of New York and former JPMorgan Chase expert, the origins of eurodollars and petrodollars take center stage. Younger unpacks how these dollar variants emerged post-World War II and their pivotal role in shaping global finance. He delves into regulatory challenges and the surprising connections between eurodollars and even a communist bank in Paris. The impact of geopolitical events, like the 1973 oil embargo, further illustrates how these concepts reshaped investment strategies and currency dynamics.

Josh Younger is a research partner focused on the origins of modern banking, while Lev Menand is a Columbia law professor and author probing the Federal Reserve's evolution. They discuss the historical development of modern banking, including the rise of shadow banking and the repo market. The pair also examine the Federal Reserve's complex influence in economic management and the persistent vulnerabilities within the financial system. The insights into digital currencies and regulatory challenges further underscore the need for reevaluating banking practices and ensuring financial stability.

Josh Younger, JPMorgan's global head of asset and liability management research, explores the shadows of financial history. He dives into the pivotal year of 1953, revealing its surprising parallels to today's economic turbulence. Younger discusses how early decisions shaped the repo market and the enduring impacts these have on current bond stability. The conversation examines the Federal Reserve's strategies in navigating post-war economics and the evolution of a complex shadow banking system that still influences modern finance.

Lev Menand, associate professor of law, and Josh Younger, senior policy advisor, discuss their paper on Treasury market liquidity as a legal phenomenon. They cover the transition from bank to market financing, the impact of increasing debt on instability, recent regulations on the primary dealer system, and restoring balance between public debt and money creation.

Josh Younger, Managing Director and Global Head of ALM Research and Strategy at JPMorgan, dives into the tumultuous world of the bond market. He discusses the unexpected volatility in U.S. Treasuries, particularly following interest rate hikes from the Federal Reserve. Younger explores the liquidity issues exacerbated since the March 2020 sell-off and shares insights on high-frequency trading impacts. He emphasizes the need for regulatory reforms to stabilize the market and minimize future disruptions, shedding light on a traditionally calm sector turned chaotic.

Josh Younger, a managing director at JP Morgan and rates derivative strategist, dives into the intricate connections between interest rates and the costs of climate change mitigation. He discusses the crucial need to reevaluate how we assess climate-related risks using financial frameworks. The conversation touches on the Federal Reserve's SLR decision, its impact on bank balance sheets, and the implications of current treasury market volatility. Younger advocates for integrating economic strategies into climate initiatives, stressing the importance of balancing short-term and long-term considerations.