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28 March 2024 Economics & Growth

Ep. 209: Darrell Duffie on Treasury Market Dysfunction, Dollar Dominance and CBDC

Bilal Hafeez

Darrell Duffie is a leading expert on bond markets. He is the Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University. He has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984. He is author of several books, including ‘Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity’. He presented at the 2023 Jackson Hole Symposium. This podcast covers:

Key events that impacted Treasury market functioning from GFC to COVID
Growth of Treasury market vs stagnant bank balance sheets
Bank leverage ratios and central clearing
Fiscal impact on rates
Can dollar lose its dominance?
SVB, deposit flight and collateral management
Regional bank and commercial real estate risks
Did LIBOR transition work
Creating new rates benchmarks
CBDC, blockchain and fast payments
Risks to worry about
Books mentioned: Stress Test: Reflections on Financial Crises (Geitner), Firefighting: The Financial Crisis and its Lessons (Bernanke), The Fiscal Theory of the Price Level (Cochrane)

You can follow Darrell’s work here.

Make sure to subscribe to the show on Apple, Spotify, YouTube, or wherever you go for your podcasts. You can follow us on Twitter and LinkedIn.

(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)

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