Episode
Ellen Correia Golay on All-to-All Trading and Treasury Market Liquidity
Macro Musings with David Beckworth · Sep 21, 2026 · 47 min
Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 "dash for cash," how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed's standing repo…