Listen to the full episode here: open.spotify.com/episode/6bi…

Samim Ghamami (@GhamamiSamim) lays out the impact of central clearing on the US Treasury Market: youtube.com/shorts/No8c-UgzF…

New episode! Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation. Samim (@GhamamiSamim) and @DavidBeckworth break down how the Taylor rule can actually be regime dependent especially when we are in a period of fiscal dominance.

Check out the full conversation here: mercatus.org/macro-musings/s…

How Inflation and Unemployment Are Cornering the Fed w/ Samim Ghamami The Fed may cut rates in September. But what if inflation rises right after? You’d be staring at stagflation and a Fed with no way out. Tune in to know more ⏱ TIME POINTS ⏱ 00:00 – Intro 01:38 – Samim’s work at the SEC & Treasury reform 04:35 – Why reserve ratios affect market liquidity 09:10 – Can the U.S. debt load be sustained? 11:44 – Is 2% inflation still a realistic target? 14:20 – What’s the Fed’s next move? 18:18 – Labor data is pushing the Fed to act 21:07 – QT dilemma: Can the Fed keep tightening? 26:00 – Can they cut rates and fight inflation? 28:14 – Should the Fed and Treasury team up? 29:48 – Will the Fed lose its independence? 32:22 – What could stabilize the bond market? 36:00 – Stablecoins as a new Treasury buyer? 38:00 – A message for retail investors

There is more so check out the show! Full transcript here (4/n) mercatus.org/macro-musings/s…

Here we discuss the important role principal trading firms play in the treasury market: (3/n) x.com/Macro_Musings/status/1…

The central clearing mandate for treasury repo goes into full effect on June 30, 2026. There are a lot of advantages to central clearing, but it concentrates all treasury repo risk in one node. Samim responds to this concern here: (2/n)

Delighted to have @GhamamiSamim from the @SECGov to discuss the new rule for central clearing of treasury repos. Samim worked on this new SEC central clearing mandate. In this clip, I ask him to rank other proposed treasury market reforms (1/n)

Great to attend a seminar with Rama Cont of University of Oxford and Samim Ghamami of New York University University of California, Berkeley & U.S. Securities and Exchange Commission on their paper "Skin in the Game: Risk Analysis of Central Counterparties" at @nyuniversity

BWC member @GhamamiSamim in his piece called US Treasury Market Resilience and Central Clearing: "under robust capital regulation, governance, and risk management frameworks, central counterparties may reduce risks to the stability of the Treasury market" brettonwoods.org/sites/defau…

Credit market stress has macro consequences. Samim Ghamami of BWC member @SOFRacademy shows that LIBOR-SOFR transition could increase credit market frictions and worsen the subsequent macro consequences. Sustainable credit benchmarks could help counteract. sofracademy.com/unintended-i…