Robert McCauley is a senior fellow at the Global Development Policy Center at Boston University, an Associate Member of the Faculty of History at the University of Oxford, and was formerly at the Bank of International Settlements for 25 years and the New York Federal Reserve Bank for 14 years. Robert is also a returning guest to the show, and he rejoins Macro Musings to talk about his recent article titled, *Bond Market Crisis and the International Lender of Last Resort* David and Robert also discuss the basics of a bond market run, the policy reaction and implications of the 2020 "Dash for Cash", the possible concerns with corporate bond facilities, and a lot more. Transcript for this week's episode. Register now for the Bennett McCallum Monetary Policy Conference! Robert's Boston University profile Robert's BIS archive David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Macro Musings mailing list! Check out our new Macro Musings merch! Related Links: *Bond Market Crises and the International Lender of Last Resort* by Robert McCauley *Manias, Panics, and Crashes: A History of Financial Crises, 8th Edition* by Robert Aliber, Charles Kindleberger and Robert McCauley *Robert McCauley on the Global Domain of the Dollar and Threats to its Dominance* by the Macro Musings Podcast

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“What did the council decide on item 42?” — answered with the speaker and the moment.