The US Treasury's recent debt issuance strategies, including collateral issuance, are significantly impacting global financial markets. By shortening its issuance profile, the Treasury has effectively provided economic stimulus akin to a one-point cut in the Federal Reserve's policy rate. This approach has been a key driver for the rise in global stocks, counteracting the Federal Reserve's tightening measures. Additionally, the increasing depth and liquidity of repo markets have contributed to this impact. However, the Federal Reserve has raised concerns about the leverage in the $27 trillion Treasury bond market, highlighting it as a risk to financial stability. This leverage involves funds taking short positions in Treasury futures while holding long positions in Treasury cash, financed through the repo market.