Opening remarks by means of Chair Powell on the tenth Annual U.S. Treasury Marketplace Convention

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Hi, everybody, and welcome to the tenth Annual U.S. Treasury Marketplace Convention. “10th annual” is a word that generates a bit of of wonder, and far satisfaction. It’s unexpected as it does no longer look like the primary of those gatherings, which I used to be venerated to play a task in organizing, used to be all that way back. However the time handed is also one thing we will be able to take pleasure in since the convention has continued for such a lot of years, and I’m hoping will for lots of extra to return.

A lot has modified within the financial system since we first accumulated in 2015—however the want for discussing and learning the U.S. Treasury marketplace has no longer. As you all know, this marketplace is the inner most and maximum liquid on the planet. Along with assembly the financing wishes of the government, it performs a important position within the environment friendly implementation of economic coverage.

What took place in Treasury markets 10 years in the past subsequent month and the following newsletter of the Interagency Operating Staff file on the ones occasions are what introduced us in combination for the primary Annual U.S. Treasury Marketplace Convention.1 That “flash crash” used to be a wakeup name as a result of we had by no means noticed this kind of massive swing in Treasury costs in this kind of quick time frame. The Interagency Operating Staff file helped us know the way a lot the construction of the Treasury marketplace had modified and the way massive a task high-speed, digital buying and selling companies had been taking part in in it. It additionally underscored the worth of cooperation and communique between the 5 businesses within the operating crew, one thing that proved once more to be important right through the disruptions brought about by means of the COVID-19 pandemic.

I’m happy to peer that every one operating crew participants are represented right here as of late. You’ll be listening to without delay from many senior leaders, together with your host, President Williams; Vice Chair Barr; and Secretary Yellen, who, in fact, used to be Fed chair on the time of the primary convention.

As I famous once I spoke at this tournament in 2015, our country’s complete monetary framework has been constructed across the talent to temporarily and successfully turn into Treasury securities into money liquidity. I mentioned then that “those markets want to stay performing at a excessive stage, and all of us have a stake in ensuring that they do.” I stay wholly devoted to that objective.2

I want you a productive and academic convention. I’m sorry I’m not able to enroll in you in particular person. The conversations you’re going to have as of late are vital, and I’m hoping we can stay having them. As evidenced by means of the last decade of determination to this tournament, I’m positive we can.

1. See Interagency Operating Staff on Treasury Marketplace Surveillance, Joint Workforce Record: The U.S. Treasury Marketplace on October 15, 2014 (PDF) (Washington: Interagency Operating Staff, July 2015). Go back to textual content

2. See Jerome H. Powell, “Opening Remarks” (speech on the 2015 Roundtable on Treasury Markets and Debt Control: Evolution of Treasury Marketplace and Its Implications, New York, NY, November 20, 2015). Go back to textual content