The Greatest Ever Panel on the World's Most Important Market

In a live recording of the All Thoughts Podcast, Tracy Alloway and Joe Weisenthal host a panel featuring Nellie Liang, Ira Jersey, and Josh Younger to discuss the U.S. Treasury market. The discussion covers topics such as who will buy the increasing debt, the changing investor base, and the impact of volatility and leverage. The panelists debate the existence and measurability of the term premium, the role of bond vigilantes, and the usefulness of auction statistics like bid-to-cover ratios and tails. They also explore the causes of volatility events in the Treasury market, attributing them to factors like market size, reduced dealer capacity, and the rise of high-frequency trading, ultimately emphasizing the importance of liquidity and the challenges of balancing low transaction costs with market stability.