Remarks by PDO Assistant Secretary McMaster Before the 2025 Annual Primary Dealer Meeting at the Federal Reserve Bank of New York

As prepared for deliveryGood morning and thank you for having me here at the Federal Reserve Bank of New York’s annual primary dealer meeting. I am Hunter McMaster, Director of Policy and Planning at the Treasury Department. I’m also performing the duties of the Assistant Secretary for Financial Markets. In this latter role, I oversee Treasury’s Office of Debt Management. I have worked with Secretary Bessent in various capacities going back to his time at Key Square, and I’m glad to be part of the team supporting him at Treasury.As I’m sure you’ll remember, my predecessors have commonly remarked that the U.S. Treasury market is the deepest and most liquid market in the world. This is due, in no small part, to the individuals sitting in this room.