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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Sep 13, 2021

Joseph Wang is a former senior trader on the open market desk at the Federal Reserve Bank in New York and the author of the book Central Banking 101. He also blogs at and is active on Twitter. Joseph joins Macro Musings to discuss what has happened at the Fed from the operational side, and we consider its implications for money markets. Specifically, Joseph and David discuss recent events from the perspective of the Federal Reserve trading desk, Joseph’s conception of a two-tiered monetary system, continued dollar dominance in global money markets, whether the Fed’s overnight repo facility is truly a temporary facility or trending towards a permanent one, and much more.


Transcript for the episode can be found here.


Joseph’s Twitter: @FedGuy12

Joseph’s website:


Related Links:


*QE Zombifies Money Markets* by Joseph Wang


*The Gravitational Pull of Zero* by Joseph Wang


*RRP At The ZLB* by Joseph Wang


David’s blog:
David’s Twitter: @DavidBeckworth