Samim Ghamami on How to Reform the Treasury Market

Samim Ghamami 谈如何改革国债市场

Macro Musings with David Beckworth

教育

2024-08-19

49 分钟
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Samim Ghamami is an economist at the Securities and Exchange Commission (SEC), where he has been working on reforming the US Treasury market, and he joins David on Macro Musings to talk about these efforts. Samim and David also discuss the long run path of interest rates, the basics of the Treasury market, Samim’s outlook for Treasury market reform, and much more.   DISCLAIMER: Samim’s views are his own and do not represent those of his SEC colleagues, the commissioners, or the Chair.   Transcript for this week’s episode.   Samim’s Twitter: @GhamamiSamim Samim’s website   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Timestamps:   (00:00:00) – Intro   (00:00:58) – Samim’s Journey to the SEC   (00:05:47) – Breaking Down the Size and Composition of the Treasury Market   (00:10:25) – Explaining the Long Run Path of Interest Rates   (00:18:48) – The Key Segments of the Treasury Market   (00:28:25) – Central Clearing as a Treasury Market Reform   (00:34:40) – Picking the Most Effective Treasury Market Reform   (00:37:39) – Samim’s Future Outlook for Other Treasury Market Reforms   (00:43:46) – Addressing Risk Concentration Concerns   (00:48:26) – Outro
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  • 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 Beckwourth, a senior research fellow at the Mercator center at George Mason University.

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

  • Our guest today is Samem Gamami.

  • Samim is an economist at the SEC where he's been working on reforms of the us treasury market.

  • He joins us today to discuss these efforts.

  • Zameem, welcome to the program.

  • Thank you very much, David.

  • It's really good to be here.

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

  • We always like to talk about the treasury market, the most important financial asset market in the world.

  • It's the benchmark for many other markets, and there's been some challenges in this market and you're working on that.

  • The SEC.

  • Now you have an interesting history as to how you got to the SEC, so walk us through your journey there.

  • Sure.

  • I mean, my background is a mix of work in the official sector and private sector.

  • On the official sector side, I started out working as an economist at the Federal Reserve Board several years ago.

  • Then I joined the US Treasury Office of Financial Research.

  • I worked there first as a senior economist and then associate director of research.

  • And more recently, since late 2022, I've been with the SEC and I've had the opportunity to work with the senior management and the SEC chair on the reform of different aspects of the reform of the treasury market.