Joshua Younger on the Treasury Market: Structure, Stressors, and Potential Reforms
08/29/22 • 54 min
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Josh Younger is currently a managing director and global head of ALM research and strategy at JP Morgan, and previously spent over a decade as a senior market strategist focused on interest rate and money markets. Josh joins David on Macro Musings to discuss the current state of the Treasury market and various reforms that have recently been proposed for it. Specifically, Josh and David discuss the history and evolving structure of the Treasury market, the emergence of high frequency trading firms over the past decade, the factors behind the 2020 dash for cash, current stresses on the Treasury market, as well as potential reforms for the market going forward.
Transcript for the episode can be found here.
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
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Josh Younger is currently a managing director and global head of ALM research and strategy at JP Morgan, and previously spent over a decade as a senior market strategist focused on interest rate and money markets. Josh joins David on Macro Musings to discuss the current state of the Treasury market and various reforms that have recently been proposed for it. Specifically, Josh and David discuss the history and evolving structure of the Treasury market, the emergence of high frequency trading firms over the past decade, the factors behind the 2020 dash for cash, current stresses on the Treasury market, as well as potential reforms for the market going forward.
Transcript for the episode can be found here.
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
Click here for the latest Macro Musings episodes sent straight to your inbox!
Previous Episode
Carola Binder on the Importance of Inflation Expectations and How Policymakers Should Respond
Carola Binder is an associate professor of economics at Haverford College and is currently a visiting scholar in the Monetary Policy Program at the Mercatus Center. She is also an associate editor at the Review of Economics and Statistics and the Journal of Money Credit and Banking. Carola rejoins Macro Musings to talk about inflation expectations and uncertainty. Specifically, David and Carola discuss why we should care about inflation expectations, which survey measures are most important, how policymakers should respond, and more.
Transcript for the episode can be found here.
Carola’s Twitter: @cconces
Carola’s Haverford site
Carola’s Mercatus profile
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
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Related Links:
*Consumer Inflation Uncertainty Is Rising* by Carola Binder
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*Inflation Expectations and Consumption: Evidence from 1951* by Carola Binder and Gillian Brunet
*How Do Americans View Higher Inflation?* by Frank Newport
*Inflation Expectations and Consumer Spending: The Role of Household Balance Sheets* by Lenard Lieb and Johannes Schuffels
*Inflation Expectations and Readiness to Spend: Cross-Sectional Evidence* by Rudiger Bachmann, Tim Berg, and Eric Sims
*A New Measure of Monetary Shocks: Derivation and Implications* by Christina Romer and David Romer
Next Episode
Hanno Lustig on Fiscal Dominance, Inflation, and the Effects of Long-term Interest Rate Decline
Hanno Lustig is a professor of finance at Stanford University and a senior fellow at the Stanford Institute for Economic Policy Research. Hanno is also a former guest on Macro Musings and rejoins the podcast to talk about fiscal dominance, global inflation, interest rates, wealth and equality, and Eurozone challenges. David and Hanno also discuss how to reconcile Treasury yield movements with impending fiscal dominance, why we’re seeing a long-term decline in real interest rates, the early trends in post-pandemic inflation, and more.
Transcript for the episode can be found here.
Hanno’s Twitter: @HannoLustig
Hanno’s Stanford profile
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
Click here for the latest Macro Musings episodes sent straight to your inbox!
Related Links:
*What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn’t Bark* by Hanno Lustig, Zhengyang Jiang, Stijn Van Nieuwerburgh, and Mindy Xiaolan
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