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Financial-market participants use Treasury bonds and bills as collateral to secure lending, for instance.
Many use Treasury bonds as the risk-free asset for capital purposes.
A primary way that banks and companies use Treasury bills is in managing their day-to-day needs for cash.
In the longer term, the fear is that a default would dent the willingness of foreign investors to use Treasury bonds as a place to park their money.
The Hong Kong futures market took a step on Thursday to make it more expensive and less attractive to use Treasury bills to underpin bets here on futures contracts.
Among instances where self-examination might be useful you could cite the Treasury's relationship with the Office for Budget Responsibility: does its chair Robert Chote have enough leeway to validate his forecasts (which use Treasury data)?
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