Joseph Wang Talks Treasuries, Bank Reserves, Credit Risk, FED, Banks, Q.E., Market Structure

Interview original date: February 20th, 2024

Topics- Manmohan Singh: “Money and Collateral” paper, “moneyness” of treasuries vs. bank reserves, more entities can use treasuries than those that can use bank reserves, institutional investors vs. very rich investors vs. retail investors, putting money in the bank, losing money, credit risk, global financial system, printing money, governments, liabilities, FED, reserves, US treasury securities, checking accounts, deposits, entities that have accounts at the FED, comercial banks, circulation. Quantitative Easing, taking liquidity out of the system, who is selling the treasuries? FED market operations, primary dealers, treasury market structure, securities dealers, quotes, over-the-counter transactions vs. exchanges, brokers, conduits, algorithms, offers, buying at market prices, M2 money supply, non-bank sellers, currency units chasing goods and services, inflation, velocity, balance sheets expansion.

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