Strengthening the resilience and liquidity of the US Treasury market

Tuesday, November 17, 2026, 9:30 - 11:30 a.m.
Location: The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave NW, Washington, D.C. 20036

The U.S. Treasury market is the deepest and most liquid market in the world. That feature has been essential to funding the U.S. government at the lowest cost to the taxpayer and to fostering global financial stability. But changes in technology, regulation, and the nature of investors who buy Treasury debt—along with rapid growth in Treasury debt because of large and persistent budget deficits—are changing the market in ways that may erode its traditional role in the U.S. economy and financial markets. Sporadic instances of market dysfunction in the past decade, some of which prompted huge interventions by the Federal Reserve, have focused attention on reforms to ensure that Treasury markets remain liquid even in periods of heightened financial stress.

On the morning of November 17, the Hutchins Center on Fiscal & Monetary Policy at Brookings will examine the functioning of this $30 trillion market, the impact of recent reforms, and remaining challenges and vulnerabilities. The event will open with remarks from Beth Hammack, president of the Federal Reserve Bank of Cleveland and former chair of the Treasury Borrowing Advisory Committee. That session will be followed by a panel of Treasury market experts: Wenxin Du of Harvard Business School, Jason Granet of BNY and current chair of the Treasury Borrowing Advisory Committee, and Nellie Liang of Brookings Hutchins Center and former Treasury undersecretary for domestic finance. Alice Fulwood of The Economist will moderate.