1 I am sure that all of us recognize the importance of the U.S. Treasury markets to our economy and our financial system; indeed, to the world economy and the global financial system. As Bill just outlined, for the next two days, we will collectively address the most important questions facing the Treasury markets today.
2 Are there significant problems in these markets that are not likely to self-correct? More specifically, is liquidity in broad decline, or more prone to sudden disappearance? If so, what are the causes? And what are the costs and benefits of potential market-led or regulatory responses? The design of this conference is to provide a forum for differing perspectives on these issues.