Samim Ghamami

Ghamami is the chief economist at the New York State Insurance Fund and an adjunct professor of finance at New York University.

[Macro Musings @Macro_Musings]

Listen to the full episode here: https://t.co/JbwNa9UjEy

[Samim Ghamami @GhamamiSamim]

@MilkRoadMacro @bitcoinjesuseth Thank you, John, for having me. I enjoyed our conversation.

[Samim Ghamami @GhamamiSamim]

@Macro_Musings @DavidBeckworth @DavidBeckworth Thank you very much, David, for having me. I enjoyed our conversation.

[Macro Musings @Macro_Musings]

Samim Ghamami (@GhamamiSamim) lays out the impact of central clearing on the US Treasury Market: https://t.co/8g8YJegRX8

[Macro Musings @Macro_Musings]

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.

[Macro Musings @Macro_Musings]

Check out the full conversation here: https://t.co/vcVaLqp9Mx

[Milk Road Macro @MilkRoadMacro]

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

[David Beckworth @DavidBeckworth]

There is more so check out the show! Full transcript here (4/n) https://t.co/DjLLdUo0te

[David Beckworth @DavidBeckworth]

Here we discuss the important role principal trading firms play in the treasury market: (3/n) https://t.co/Djw1T8Fi8n

[David Beckworth @DavidBeckworth]

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)

[David Beckworth @DavidBeckworth]

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)

[Kevin Chen @kevinchenNYC]

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

[Bretton Woods Committee @BrettonWoodsCom]

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"

https://t.co/HnKDSIWUtS

[Bretton Woods Committee @BrettonWoodsCom]

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. https://t.co/mbd7UedOlu