Ellen Correia Golay on All-to-All Trading and Treasury Market Liquidity

艾伦·科雷亚·戈拉伊谈全员交易与国债市场流动性

Macro Musings with David Beckworth

2026-09-21

47 分钟
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单集简介 ...

Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 "dash for cash," how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed's standing repo operations, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on August 19th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:20 - Ellen's Career and Responsibilities 00:09:29 - The Treasury Market 00:17:15 - All-to-All Trading 00:25:19 - Treasury Market Liquidity 00:32:59 - Treasury Borrowing Advisory Committee 00:39:28 - Central Clearing 00:44:51 - Ellen's Policy Wishes 00:46:20 - Outro
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单集文稿 ...

  • Welcome to Macro Musings, where each week we pull back the curtain

  • and take a closer look at the most important macroeconomic issues of the past, present, and future.

  • I am your host, David Beckworth, a Senior Research Fellow with the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guest today is Ellen Correa-Goulet.

  • Ellen is a lead treasury advisor in the Markets Group at the Federal Reserve Bank of New York.

  • She's also a previous guest, so be sure to go back and check out her previous episode.

  • But she joins us today to discuss all things treasury market and her ongoing work in that project.

  • Ellen, welcome back to the show.

  • Thanks, David.

  • I'm so happy to be back.

  • Well, it's great to have you, Juan.

  • We've had a number of your colleagues on the show, so it was time to bring you back.

  • Now, last time you came on, I believe it was in 2024. And we talked about what you did there.

  • But I want to go back to that because you're this senior lead advisor in treasury markets.

  • A lot of interesting things happening.

  • We'll talk about some of them today.

  • So I'm sure you're very busy, but also it's very interesting to do what you do.

  • So let me begin with this.

  • You're an advisor, but you also lead the Treasury Markets Practice Group.