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Treasury Market Stress, Lessons from 1958 and Today

Author

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  • R. Jay Kahn
  • Vy Nguyen

Abstract

Sources of two disruptions to the Treasury market over 60 years apart stemmed from similar vulnerabilities, such as low margins, little market transparency, and reliance on market-based financing.

Suggested Citation

  • R. Jay Kahn & Vy Nguyen, 2022. "Treasury Market Stress, Lessons from 1958 and Today," The OFR Blog 22-01, Office of Financial Research, US Department of the Treasury.
    • Handle: RePEc:ofr:ofrblg:22-01
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    File URL: https://www.financialresearch.gov/the-ofr-blog/2022/06/09/treasury-market-stress-lessons-from-1958-and-today/
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    Cited by:

    1. Ron Alquist & Karlye Dilts Stedman & R. Jay Kahn, 2022. "Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege," Research Working Paper RWP 22-08, Federal Reserve Bank of Kansas City.
    2. Daniel Barth & R. Jay Kahn & Phillip J. Monin & Oleg Sokolinskiy, 2024. "Reaching for Duration and Leverage in the Treasury Market," Finance and Economics Discussion Series 2024-039, Board of Governors of the Federal Reserve System (U.S.).
    3. Cimon, David A. & Walton, Adrian, 2024. "Central bank liquidity facilities and market making," Journal of Banking & Finance, Elsevier, vol. 162(C).

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