Pat Parkinson is a senior fellow at the Bank Policy Institute and project director for the Group of Thirty's Working Group on Treasury Market Liquidity. In this episode, Pat discusses the Treasury market meltdown in March 2020 and the Group of Thirty's recommendations to address key Treasury market fragilities. Specifically, Pat explains why the Federal Reserve's standing repo facility, launched on July 28, 2021, is not sufficient to prevent future dysfunction in the Treasury market.

Pat's BPI profile: https://bpi.com/people/pat-parkinson/

Related Links:

*Enhancing Liquidity of the U.S. Treasury Market Under Stress* by Nellie Liang and Pat Parkinson

https://www.brookings.edu/research/enhancing-liquidity-of-the-u-s-treasury-market-under-stress/

*U.S. Treasury Markets: Steps Toward Increased Resilience* by Group of Thirty

https://group30.org/images/uploads/publications/G30_U.S_._Treasury_Markets-_Steps_Toward_Increased_Resilience__1.pdf

*Clearing a Path to a More Resilient Treasury Market* by FIA Principal Traders Group

https://www.fia.org/sites/default/files/2021-07/FIA-PTG_Paper_Resilient%20Treasury%20Market_FINAL.pdf

*Statement Regarding Repurchase Agreement Arrangements* by Board of Governors of the Federal Reserve System

https://www.federalreserve.gov/newsevents/pressreleases/monetary20210728b.htm

*US Treasuries: The Lessons from March's Market Meltdown* by Colby Smith and Robin Wigglesworth

https://www.ft.com/content/ea6f3104-eeec-466a-a082-76ae78d430fd

Global Financial Markets Center's Twitter: @DukeGFMC