Anil Kashyap

2 weeks ago | brookings.edu | Janice Eberly |Anil Kashyap |Jón Steinsson |David Wessel

At around $900 billion in transactions daily, the market for U.S. Treasuries is massive, not only in terms of quantity but also in terms of importance to the U.S. and global economies. The Treasury market is tied to interest rates, the value of the dollar, and financial markets around the world. So when shocks hit the Treasury market, as they did during the COVID-19 crisis, the ripple effects can be global.