Darrell Duffie on Treasury Market Dysfunction, Dollar Dominance and CBDC | MHC Ep 209

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 (www.darrellduf....

[@belalmohammedkhan793]

Good Conversation and excellent insights on these critical topics.

[@bruceaulabaugh]

Great Guest!!!

[@nicholasjackson2216]

This was good. However, you should have asked about the appetite for UST’s in an environment of negative double digit real yields