Steve Hou, a Senior Researcher at Bloomberg specializing in Treasury issuance and equity indices, joins to discuss the complexities of U.S. Treasury debt management. He explains how the supply effect impacts bond yields and stock correlations, and unveils findings on pricing power and R&D. The conversation delves into the evolution of U.S. debt maturity, the implications of concentrated stock indices, and future macroeconomic strategies, emphasizing the need for adaptive investment approaches as market dynamics shift.