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

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

Macro Musings with David Beckworth

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