*  *  *  I am so pleased to be back in Memphis tonight and to speak to the Economic Club of Memphis, an organization that I once had the honor to chair.
Government securities market The government securities (G-sec) market is the avenue for raising the budgetary financing requirements of various levels of government. From a monetary transmission perspective, however, its importance lies in providing the risk-free term structure for pricing instruments issued by all other sectors of the economy – this has been referred to as a public good3.