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R. Jay Kahn

Principal Economist · Federal Reserve Board of Governors

Principal Economist at the Federal Reserve Board of Governors. His research covers the infrastructure of U.S. rates markets (repo, Treasury and money markets) and its implications for financial stability.

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Published Journal of Monetary Economics Published Oct 2025

Hedge funds and the Treasury cash-futures basis trade

Daniel Barth · R. Jay Kahn

The U.S. Treasury market is the deepest and most liquid fixed-income market in the world, yet in March 2020 it experienced unprecedented dysfunction—widening bid-ask spreads, skyrocketing repo rates, …

Safe Assets Convenience Yield Financial Stability Money Markets Liquidity