Chairman Powell's Opening Remarks at the 10th Annual U.S. Treasury Market Conference

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Hello everyone and welcome to the 10th Annual U.S. Treasury Market Conference. “Tenth edition” is an expression that arouses a little surprise and a lot of pride. This is surprising because it doesn't seem like the first of these gatherings, which I had the honor of playing a role in organizing, was that long ago. But we can also be proud of the fact that the conference has been useful and important for a full decade, and I hope it will be for many years to come.

Much has changed in the economy since our first meeting in 2015, but the importance of the U.S. Treasury market has not. As you all know, this market is the deepest and most liquid in the world. In addition to meeting the financing needs of the federal government, it plays an essential role in the implementation of monetary policy. It is no exaggeration to say that the Treasury market is part of the foundation of our economy and indeed the global economy.

The flash crash of October 2014 and the subsequent release of the Interagency Task Force report on that event is what brought us together for the first annual conference.1 October 2014 was a wake-up call because there had never been had such a variation in Treasury prices during the year. such a short period of time. The Interagency Working Group report highlighted how much the structure of the Treasury market had changed and how high-speed electronic trading companies played a significant role in it. It also showed the value of cooperation and communication between the five task force agencies, which once again proved vital during the disruptions caused by the COVID-19 pandemic.

I am pleased to see that all members of the working group are represented here today. You will hear directly from many senior leaders, including your host, President Williams; Vice President Barr; and Secretary Yellen, who, of course, was chair of the Fed at the time of the first conference.

It is critical that our Treasury markets are able to efficiently transform Treasury securities into cash, even during times of heightened stress. As I emphasized at that event in 2015, “these markets must continue to operate at a high level, and we all have a stake in ensuring that they do.” I remain fully committed to this goal.2

I wish you a productive and educational conference. THANKS.

1. See Interagency Working Group on Treasury Market Surveillance, Joint Staff Report: The US Treasury Market, October 15, 2014 (PDF) (Washington: Interagency Working Group, July 2015). Return to text

2. See Jerome H. Powell, “Opening Remarks” (speech delivered at the 2015 Roundtable on Treasury Markets and Debt Management: Treasury Market Developments and Its Implications, New York, NY, November 20, 2015 ). Return to text

I. Note: On September 26, 2024, the speech text was updated to reflect remarks made in the video version of this speech.

Sources 1/ https://Google.com/ 2/ https://www.federalreserve.gov/newsevents/speech/powell20240926a.htm The mention sources can contact us to remove/changing this article

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