Thank you, Bill [Dudley], for that kind introduction. It is a privilege to join you again this year to focus on the U.S. Treasury market, which is so vitally important for both the U.S. and the broader global economy. Thank you to the Department of the Treasury and the Federal Reserve Bank of New York for their leadership in our ongoing effort, including organizing this second annual conference on the evolving structure of the U.S. Treasury market.
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