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class="vector-toc-numb">2</span> <span>Marketable securities</span> </div> </a> <button aria-controls="toc-Marketable_securities-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Marketable securities subsection</span> </button> <ul id="toc-Marketable_securities-sublist" class="vector-toc-list"> <li id="toc-Treasury_bill" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Treasury_bill"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Treasury bill</span> </div> </a> <ul id="toc-Treasury_bill-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Treasury_note" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Treasury_note"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Treasury note</span> </div> </a> <ul id="toc-Treasury_note-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Treasury_bond" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Treasury_bond"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Treasury bond</span> </div> </a> <ul id="toc-Treasury_bond-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-TIPS" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#TIPS"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>TIPS</span> </div> </a> <ul id="toc-TIPS-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Coupon_stripping" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Coupon_stripping"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Coupon stripping</span> </div> </a> <ul id="toc-Coupon_stripping-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Nonmarketable_securities" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Nonmarketable_securities"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Nonmarketable securities</span> </div> </a> <button aria-controls="toc-Nonmarketable_securities-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Nonmarketable securities subsection</span> </button> <ul id="toc-Nonmarketable_securities-sublist" class="vector-toc-list"> <li id="toc-U.S._savings_bonds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#U.S._savings_bonds"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>U.S. savings bonds</span> </div> </a> <ul id="toc-U.S._savings_bonds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Zero-Percent_Certificate_of_Indebtedness" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Zero-Percent_Certificate_of_Indebtedness"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Zero-Percent Certificate of Indebtedness</span> </div> </a> <ul id="toc-Zero-Percent_Certificate_of_Indebtedness-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Government_Account_Series" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Government_Account_Series"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Government Account Series</span> </div> </a> <ul id="toc-Government_Account_Series-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-State_and_Local_Government_Series" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#State_and_Local_Government_Series"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>State and Local Government Series</span> </div> </a> <ul id="toc-State_and_Local_Government_Series-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Holdings" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Holdings"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Holdings</span> </div> </a> <button aria-controls="toc-Holdings-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Holdings subsection</span> </button> <ul id="toc-Holdings-sublist" class="vector-toc-list"> <li id="toc-Domestic" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Domestic"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Domestic</span> </div> </a> <ul id="toc-Domestic-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>International</span> </div> </a> <ul id="toc-International-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" 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Available in 16 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-16" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">16 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%86%D8%AF%D8%A7%D8%AA_%D8%A7%D9%84%D8%AE%D8%B2%D9%8A%D9%86%D8%A9_%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9" title="سندات الخزينة الأميركية – Arabic" lang="ar" hreflang="ar" data-title="سندات الخزينة الأميركية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D8%A8%D9%87%D8%A7%D8%AF%D8%A7%D8%B1_%D8%AE%D8%B2%D8%A7%D9%86%D9%87%E2%80%8C%D8%AF%D8%A7%D8%B1%DB%8C_%D8%A7%DB%8C%D8%A7%D9%84%D8%A7%D8%AA_%D9%85%D8%AA%D8%AD%D8%AF%D9%87_%D8%A2%D9%85%D8%B1%DB%8C%DA%A9%D8%A7" title="اوراق بهادار خزانه‌داری ایالات متحده آمریکا – Persian" lang="fa" hreflang="fa" data-title="اوراق بهادار خزانه‌داری ایالات متحده آمریکا" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Treasury_Bond" title="Treasury Bond – French" lang="fr" hreflang="fr" data-title="Treasury Bond" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Banna_st%C3%A1tchiste_de_chuid_na_St%C3%A1t_Aontaithe" title="Banna státchiste de chuid na Stát Aontaithe – Irish" lang="ga" hreflang="ga" data-title="Banna státchiste de chuid na Stát Aontaithe" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%AF%B8%EA%B5%AD_%EC%9E%AC%EB%AC%B4%EB%B6%80_%EC%B1%84%EA%B6%8C" title="미국 재무부 채권 – Korean" lang="ko" hreflang="ko" data-title="미국 재무부 채권" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Blagajni%C4%8Dki_zapis" title="Blagajnički zapis – Croatian" lang="hr" hreflang="hr" data-title="Blagajnički zapis" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Sekuritas_Treasury_Amerika_Serikat" title="Sekuritas Treasury Amerika Serikat – Indonesian" lang="id" hreflang="id" data-title="Sekuritas Treasury Amerika Serikat" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%96%E0%B2%9C%E0%B2%BE%E0%B2%A8%E0%B3%86%E0%B2%AF_%E0%B2%AC%E0%B2%BF%E0%B2%B2%E0%B3%8D%E0%B2%B2%E0%B3%81" title="ಖಜಾನೆಯ ಬಿಲ್ಲು – Kannada" lang="kn" hreflang="kn" data-title="ಖಜಾನೆಯ ಬಿಲ್ಲು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/I%C5%BEdo_vekselis" title="Iždo vekselis – Lithuanian" lang="lt" hreflang="lt" data-title="Iždo vekselis" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%9F%E0%A5%8D%E0%A4%B0%E0%A5%87%E0%A4%9C%E0%A4%B0%E0%A5%80_%E0%A4%AC%E0%A4%BF%E0%A4%B2" title="ट्रेजरी बिल – Nepali" lang="ne" hreflang="ne" data-title="ट्रेजरी बिल" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B1%B3%E5%9B%BD%E5%82%B5" title="米国債 – Japanese" lang="ja" hreflang="ja" data-title="米国債" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D0%BD%D1%8B%D0%B5_%D0%B1%D1%83%D0%BC%D0%B0%D0%B3%D0%B8_%D0%9A%D0%B0%D0%B7%D0%BD%D0%B0%D1%87%D0%B5%D0%B9%D1%81%D1%82%D0%B2%D0%B0_%D0%A1%D0%A8%D0%90" title="Ценные бумаги Казначейства США – Russian" lang="ru" hreflang="ru" data-title="Ценные бумаги Казначейства США" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Blagajni%C4%8Dki_zapis" title="Blagajnički zapis – Serbian" lang="sr" hreflang="sr" data-title="Blagajnički zapis" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Blagajni%C4%8Dki_zapis" title="Blagajnički zapis – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Blagajnički zapis" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Statsskuldv%C3%A4xel" title="Statsskuldväxel – Swedish" lang="sv" hreflang="sv" data-title="Statsskuldväxel" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%BE%8E%E5%9B%BD%E5%9B%BD%E5%BA%93%E8%AF%81%E5%88%B8" title="美国国库证券 – Chinese" lang="zh" hreflang="zh" data-title="美国国库证券" data-language-autonym="中文" data-language-local-name="Chinese" 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">US government debt instruments</div> <p class="mw-empty-elt"> </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:FFR_treasuries.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/400px-FFR_treasuries.webp.png" decoding="async" width="400" height="157" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/600px-FFR_treasuries.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/800px-FFR_treasuries.webp.png 2x" data-file-width="1464" data-file-height="576" /></a><figcaption> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F5A623 solid 3px;"> </span> <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">30 year mortgage average</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F8E71C solid 3px;"> </span>  30 Year Treasury Bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#000000 solid 3px;"> </span>  10 Year Treasury Note</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#9013FE solid 3px;"> </span>  2 Year Treasury Note</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#4A90E2 solid 3px;"> </span>  3 month Treasury Bill</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#D0021B solid 4px;"> </span>  Effective Federal Funds Rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#E786F9 solid 4px;"> </span>  <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">CPI inflation</a> year/year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend-color mw-no-invert" style="background-color:lightgrey; color:black;"> </span> <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">Recessions</a> </figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Inverted_yield_30_year_-_3_month.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0c/Inverted_yield_30_year_-_3_month.webp/400px-Inverted_yield_30_year_-_3_month.webp.png" decoding="async" width="400" height="112" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0c/Inverted_yield_30_year_-_3_month.webp/600px-Inverted_yield_30_year_-_3_month.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0c/Inverted_yield_30_year_-_3_month.webp/800px-Inverted_yield_30_year_-_3_month.webp.png 2x" data-file-width="1430" data-file-height="399" /></a><figcaption><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:blue solid 3px;"> </span> 30 year treasury minus 3 month treasury bond</div></figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Average_Interest_Rate_on_U.S._Federal_Debt.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Average_Interest_Rate_on_U.S._Federal_Debt.webp/262px-Average_Interest_Rate_on_U.S._Federal_Debt.webp.png" decoding="async" width="262" height="93" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Average_Interest_Rate_on_U.S._Federal_Debt.webp/393px-Average_Interest_Rate_on_U.S._Federal_Debt.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Average_Interest_Rate_on_U.S._Federal_Debt.webp/524px-Average_Interest_Rate_on_U.S._Federal_Debt.webp.png 2x" data-file-width="4502" data-file-height="1601" /></a><figcaption>Average interest rate on U.S. Federal debt</figcaption></figure> <p><b>United States Treasury securities</b>, also called <b>Treasuries</b> or <b>Treasurys</b>, are <a href="/wiki/Government_bond" title="Government bond">government debt</a> instruments issued by the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a> to finance government spending, in addition to taxation. Since 2012, the U.S. government debt has been managed by the <a href="/wiki/Bureau_of_the_Fiscal_Service" title="Bureau of the Fiscal Service">Bureau of the Fiscal Service</a>, succeeding the <a href="/wiki/Bureau_of_the_Public_Debt" title="Bureau of the Public Debt">Bureau of the Public Debt</a>. </p><p>There are four types of marketable Treasury securities: <a href="#Treasury_bill">Treasury bills</a>, <a href="#Treasury_note">Treasury notes</a>, <a href="#Treasury_bond">Treasury bonds</a>, and <a href="#TIPS">Treasury Inflation Protected Securities</a> (TIPS). The government sells these securities in auctions conducted by the <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a>, after which they can be traded in <a href="/wiki/Secondary_market" title="Secondary market">secondary markets</a>. Non-marketable securities include savings bonds, issued to individuals; the State and Local Government Series (SLGS), purchaseable only with the proceeds of state and municipal bond sales; and the Government Account Series, purchased by units of the federal government. </p><p>Treasury securities are backed by the <a href="/wiki/General_obligation_bond" title="General obligation bond">full faith and credit</a> of the United States, meaning that the government promises to raise money by any legally available means to repay them. Although the United States is a sovereign power and may <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> without <a href="/wiki/Legal_recourse" title="Legal recourse">recourse</a>, its strong record of repayment has given Treasury securities a reputation as one of the world's lowest-risk investments. This low risk gives Treasuries a unique place in the financial system, where they are used as cash equivalents by institutions, corporations, and wealthy investors.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To finance the costs of <a href="/wiki/World_War_I" title="World War I">World War I</a>, the U.S. Government increased income taxes (see the <a href="/wiki/War_Revenue_Act_of_1917" title="War Revenue Act of 1917">War Revenue Act of 1917</a>) and issued government debt, called <a href="/wiki/War_bond" title="War bond">war bonds</a>. Traditionally, the government borrowed from other countries, but there were no other countries from which to borrow in 1917.<sup id="cite_ref-Garbade2008_3-0" class="reference"><a href="#cite_note-Garbade2008-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The Treasury raised funding throughout the war by selling $21.5 billion in '<a href="/wiki/Liberty_bond" title="Liberty bond">Liberty bonds</a>.' These bonds were sold at <a href="/wiki/Subscription_(finance)" title="Subscription (finance)">subscription</a>, where officials created coupon price and then sold it at <a href="/wiki/Par_value" title="Par value">par value</a>. At this price, subscriptions could be filled in as little as one day, but usually remained open for several weeks, depending on demand for the bond.<sup id="cite_ref-Garbade2008_3-1" class="reference"><a href="#cite_note-Garbade2008-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>After the war, the Liberty bonds were reaching maturity, but the Treasury was unable to pay each down fully with only limited budget surpluses. To solve this problem, the Treasury refinanced the debt with variable short and medium-term maturities. Again, the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the Treasury.<sup id="cite_ref-Garbade2008_3-2" class="reference"><a href="#cite_note-Garbade2008-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The problems with debt issuance became apparent in the late 1920s. The system suffered from chronic over-subscription, where interest rates were so attractive that there were more purchasers of debt than required by the government. This indicated that the government was paying too much for debt. As government debt was undervalued, debt purchasers could buy from the government and immediately sell to another market participant at a higher price.<sup id="cite_ref-Garbade2008_3-3" class="reference"><a href="#cite_note-Garbade2008-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In 1929, the US Treasury shifted from the fixed-price subscription system to a system of <a href="/wiki/Auction" title="Auction">auctioning</a> where Treasury bills would be sold to the highest bidder. Securities were then issued on a <a href="/wiki/Pro_rata" title="Pro rata">pro rata system</a> where securities would be allocated to the highest bidder until their demand was full. If more treasuries were supplied by the government, they would then be allocated to the next highest bidder. This system allowed the market, rather than the government, to set the price. On December 10, 1929, the Treasury issued its first auction. The result was the issuing of $224 million three-month bills. The highest bid was at 99.310, with the lowest bid accepted at 99.152.<sup id="cite_ref-Garbade2008_3-4" class="reference"><a href="#cite_note-Garbade2008-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Until the 1970s, the Treasury offered long-term securities at irregular intervals based on market surveys. These irregular offerings created uncertainty in the money market, especially as the federal deficit increased, and by the end of the decade, the Treasury had shifted to regular and predictable offerings. During the same period, the Treasury began to offer notes and bonds through an auction process based on that used for bills.<sup id="cite_ref-Garbade2007_4-0" class="reference"><a href="#cite_note-Garbade2007-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Marketable_securities">Marketable securities</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=2" title="Edit section: Marketable securities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/United_States_Treasury_security" title="Special:EditPage/United States Treasury security">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22United+States+Treasury+security%22">"United States Treasury security"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22United+States+Treasury+security%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22United+States+Treasury+security%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22United+States+Treasury+security%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22United+States+Treasury+security%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22United+States+Treasury+security%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2021</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:U.S._Treasury_Securities_Statistics.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/U.S._Treasury_Securities_Statistics.webp/220px-U.S._Treasury_Securities_Statistics.webp.png" decoding="async" width="220" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/U.S._Treasury_Securities_Statistics.webp/330px-U.S._Treasury_Securities_Statistics.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7a/U.S._Treasury_Securities_Statistics.webp/440px-U.S._Treasury_Securities_Statistics.webp.png 2x" data-file-width="3474" data-file-height="1478" /></a><figcaption><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">U.S. Treasury Securities Statistics</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">(Monthly issuence)</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #EE220C;background-color:#FF6E63; color:black;"> </span> <a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #FEAE00;background-color:#FBCD60; color:black;"> </span> TIPS</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #929292;background-color:#B5B5B4; color:black;"> </span> Bonds</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #61D836;background-color:#95E47E; color:black;"> </span> Notes</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #00A2FF;background-color:#5BBEFF; color:black;"> </span> Bills</div> </figcaption></figure> <p>The types and procedures for marketable security issues are described in the Treasury's Uniform Offering Circular (31 CFR 356). </p> <div class="mw-heading mw-heading3"><h3 id="Treasury_bill">Treasury bill</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=3" title="Edit section: Treasury bill"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1969_$100K_Treasury_Bill_(front).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/1969_%24100K_Treasury_Bill_%28front%29.jpg/220px-1969_%24100K_Treasury_Bill_%28front%29.jpg" decoding="async" width="220" height="153" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/1969_%24100K_Treasury_Bill_%28front%29.jpg/330px-1969_%24100K_Treasury_Bill_%28front%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/1969_%24100K_Treasury_Bill_%28front%29.jpg/440px-1969_%24100K_Treasury_Bill_%28front%29.jpg 2x" data-file-width="5259" data-file-height="3668" /></a><figcaption>1969 $100,000 Treasury Bill</figcaption></figure> <p><i>Treasury bills</i> (<i>T-bills</i>) are <a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">zero-coupon bonds</a> that <a href="/wiki/Maturity_(finance)" title="Maturity (finance)">mature</a> in one year or less. They are bought at a <a href="/wiki/Discounting" title="Discounting">discount</a> of the <a href="/wiki/Par_value" title="Par value">par value</a> and, instead of paying a coupon interest, are eventually redeemed at that par value to create a positive <a href="/wiki/Yield_to_maturity" title="Yield to maturity">yield to maturity</a>.<sup id="cite_ref-Treasury_Direct_Treasury_Bills_5-0" class="reference"><a href="#cite_note-Treasury_Direct_Treasury_Bills-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Regular T-bills are commonly issued with maturity dates of 4, 8, 13, 17, 26 and 52 weeks, each of these approximating a different number of months. Treasury bills are sold by <a href="/wiki/Single-price_auction" title="Single-price auction">single-price auctions</a> held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week and 8-week bills are announced on Monday for auction the next day, Tuesday, and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday, and issuance on the following Thursday. The minimum purchase is $100; it had been $1,000 prior to April 2008. Mature T-bills are also redeemed on each Thursday. Banks and financial institutions, especially <a href="/wiki/Primary_dealers" class="mw-redirect" title="Primary dealers">primary dealers</a>, are the largest purchasers of T-bills. </p><p>Like other securities, individual issues of T-bills are identified with a unique <a href="/wiki/CUSIP" title="CUSIP">CUSIP</a> number. The 13-week bill issued three months after a 26-week bill is considered a re-opening of the 26-week bill and is given the same CUSIP number. The 4-week bill issued two months after that and maturing on the same day is also considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, and maturing on September 20, 2007, has the same CUSIP number (912795A27) as the 13-week bill issued on June 21, 2007, and maturing on September 20, 2007, and as the 4-week bill issued on August 23, 2007, that matures on September 20, 2007. </p><p>During periods when Treasury cash balances are particularly low, the Treasury may sell <i>cash management bills</i> (<i>CMBs</i>). These are sold through a discount auction process like regular bills, but are irregular in the amount offered, the timing, and the maturity term. CMBs are referred to as "on-cycle" when they mature on the same day as a regular bill issue, and "off-cycle" otherwise.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Before the introduction of the four-week bill in 2001, the Treasury sold CMBs routinely to ensure short-term cash availability.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Since then CMB auctions have been infrequent except when the Treasury has extraordinary cash needs.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Treasury bills are quoted for purchase and sale in the secondary market on an annualized discount percentage, or <a href="/wiki/Cost_basis" title="Cost basis">basis</a>. General calculation for the discount yield for Treasury bills is:<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\text{discount yield}}\,(\%)={\frac {{\text{face value}}-{\text{purchase value}}}{\text{face value}}}\times {\frac {360}{\text{days till maturity}}}\times 100\,\%}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mtext>discount yield</mtext> </mrow> <mspace width="thinmathspace" /> <mo stretchy="false">(</mo> <mi mathvariant="normal">%</mi> <mo stretchy="false">)</mo> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mrow class="MJX-TeXAtom-ORD"> <mtext>face value</mtext> </mrow> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mtext>purchase value</mtext> </mrow> </mrow> <mtext>face value</mtext> </mfrac> </mrow> <mo>×</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>360</mn> <mtext>days till maturity</mtext> </mfrac> </mrow> <mo>×</mo> <mn>100</mn> <mspace width="thinmathspace" /> <mi mathvariant="normal">%</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\text{discount yield}}\,(\%)={\frac {{\text{face value}}-{\text{purchase value}}}{\text{face value}}}\times {\frac {360}{\text{days till maturity}}}\times 100\,\%}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1c22fda727849f31e6d523bae0a714d93d04460f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:79.549ex; height:5.843ex;" alt="{\displaystyle {\text{discount yield}}\,(\%)={\frac {{\text{face value}}-{\text{purchase value}}}{\text{face value}}}\times {\frac {360}{\text{days till maturity}}}\times 100\,\%}"></span></dd></dl> <div class="mw-heading mw-heading3"><h3 id="Treasury_note">Treasury note</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=4" title="Edit section: Treasury note"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This is the modern usage of <i>Treasury note</i> in the U.S.; for the earlier meanings, see <a href="/wiki/Treasury_Note_(disambiguation)" class="mw-disambig" title="Treasury Note (disambiguation)">Treasury Note (disambiguation)</a>.</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1976_$5000_8%25_Treasury_Note.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/1976_%245000_8%25_Treasury_Note.jpg/220px-1976_%245000_8%25_Treasury_Note.jpg" decoding="async" width="220" height="243" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/1976_%245000_8%25_Treasury_Note.jpg/330px-1976_%245000_8%25_Treasury_Note.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/1976_%245000_8%25_Treasury_Note.jpg/440px-1976_%245000_8%25_Treasury_Note.jpg 2x" data-file-width="4681" data-file-height="5179" /></a><figcaption>1976 $5,000 Treasury note</figcaption></figure> <p><i>Treasury notes</i> (<i>T-notes</i>) have maturities of 2, 3, 5, 7, or 10 years, have a <a href="/wiki/Coupon_(bond)" class="mw-redirect" title="Coupon (bond)">coupon payment</a> every six months, and are sold in increments of $100. T-note prices are quoted on the secondary market as a percentage of the <a href="/wiki/Par_value#Bonds" title="Par value">par value</a> in thirty-seconds of a dollar. Ordinary Treasury notes pay a fixed interest rate that is set at auction. Current yields on the 10-year Treasury note are widely followed by investors and the public to monitor the performance of the U.S. government bond market and as a proxy for investor expectations of longer-term macroeconomic conditions.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Another type of Treasury note, known as the <a href="/wiki/Floating_rate_note" title="Floating rate note">floating rate note</a>, pays interest quarterly based on rates set in periodic auctions of 13-week Treasury bills. As with a conventional fixed-rate instrument, holders are paid the par value of the note when it matures at the end of the two-year term.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Treasury_bond">Treasury bond</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=5" title="Edit section: Treasury bond"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1979_$10,000_Treasury_Bond_.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/1979_%2410%2C000_Treasury_Bond_.jpg/220px-1979_%2410%2C000_Treasury_Bond_.jpg" decoding="async" width="220" height="185" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/1979_%2410%2C000_Treasury_Bond_.jpg/330px-1979_%2410%2C000_Treasury_Bond_.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3f/1979_%2410%2C000_Treasury_Bond_.jpg/440px-1979_%2410%2C000_Treasury_Bond_.jpg 2x" data-file-width="4981" data-file-height="4189" /></a><figcaption>1979 $10,000 Treasury Bond</figcaption></figure> <p><i>Treasury bonds</i> (<i>T-bonds</i>, also called a <i>long bond</i>) have the longest <a href="/wiki/Maturity_(finance)" title="Maturity (finance)">maturity</a> at twenty or thirty years. They have a <a href="/wiki/Coupon_(finance)" title="Coupon (finance)">coupon payment</a> every six months like T-notes.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>The U.S. federal government suspended issuing 30-year Treasury bonds for four years from February 18, 2002, to February 9, 2006.<sup id="cite_ref-30year_13-0" class="reference"><a href="#cite_note-30year-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> As the U.S. government used budget surpluses to pay down federal debt in the late 1990s,<sup id="cite_ref-debt_14-0" class="reference"><a href="#cite_note-debt-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> the 10-year Treasury note began to replace the 30-year Treasury bond as the general, most-followed metric of the U.S. bond market. However, because of demand from <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a> and large, long-term <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a>, along with a need to diversify the Treasury's liabilities—and also because the flatter <a href="/wiki/Yield_curve" title="Yield curve">yield curve</a> meant that the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of selling long-dated debt had dropped—the 30-year Treasury bond was re-introduced in February 2006 and is now issued quarterly.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> In 2019, Treasury Secretary <a href="/wiki/Steven_Mnuchin" title="Steven Mnuchin">Steven Mnuchin</a> said that the <a href="/wiki/First_presidency_of_Donald_Trump" title="First presidency of Donald Trump">Trump administration</a> was considering issuance of 50-year and even 100-year Treasury bonds, a suggestion which did not materialize.<sup id="cite_ref-Shalal_16-0" class="reference"><a href="#cite_note-Shalal-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="TIPS">TIPS</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=6" title="Edit section: TIPS"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Treasury Inflation-Protected Securities</i> (<i>TIPS</i>) are <a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">inflation-indexed bonds</a> issued by the U.S. Treasury. Introduced in 1997,<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> they are currently offered in 5-year, 10-year and 30-year maturities.<sup id="cite_ref-tips_18-0" class="reference"><a href="#cite_note-tips-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Coupon_rate" class="mw-redirect" title="Coupon rate">coupon rate</a> is fixed at the time of issuance, but the principal is adjusted periodically based on changes in the <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a> (CPI), the most commonly used measure of <a href="/wiki/Inflation" title="Inflation">inflation</a>. When the CPI rises, the principal is adjusted upward; if the index falls, the principal is adjusted downwards.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The adjustments to the principal increase interest income when the CPI rises, thus protecting the holder's purchasing power. This "virtually guarantees" a real return over and above the rate of inflation, according to finance scholar Dr. Annette Thau.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Finance scholars Martinelli, Priaulet and Priaulet state that inflation-indexed securities in general (including those used in the United Kingdom and France) provide efficient instruments to diversify portfolios and manage risk because they have a weak correlation with stocks, fixed-coupon bonds and cash equivalents.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>A 2014 study found that conventional U.S. Treasury bonds were persistently mispriced relative to TIPS, creating <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> opportunities and posing "a major puzzle to classical <a href="/wiki/Asset_pricing" title="Asset pricing">asset pricing</a> theory."<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Coupon_stripping">Coupon stripping</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=7" title="Edit section: Coupon stripping"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The secondary market for securities includes T-notes, T-bonds, and TIPS whose interest and principal portions of the security have been separated, or "stripped", in order to sell them separately. The practice derives from the days before computerization, when treasury securities were issued as paper <a href="/wiki/Bearer_bond" title="Bearer bond">bearer bonds</a>; traders would literally separate the interest coupons from paper securities for separate resale, while the principal would be resold as a <a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">zero-coupon bond</a>. </p><p>The modern versions are known as <span class="anchor" id="STRIPS"></span><b>Separate Trading of Registered Interest and Principal Securities</b> (<b>STRIPS</b>). The Treasury does not directly issue STRIPS – they are products of investment banks or brokerage firms – but it does register STRIPS in its book-entry system. STRIPS must be purchased through a broker, and cannot be purchased from TreasuryDirect. </p> <div class="mw-heading mw-heading2"><h2 id="Nonmarketable_securities">Nonmarketable securities</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=8" title="Edit section: Nonmarketable securities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="U.S._savings_bonds">U.S. savings bonds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=9" title="Edit section: U.S. savings bonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/United_States_Savings_Bonds" title="United States Savings Bonds">United States Savings Bonds</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:$500_Series_EE_US_Savings_Bond.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%24500_Series_EE_US_Savings_Bond.gif/220px-%24500_Series_EE_US_Savings_Bond.gif" decoding="async" width="220" height="96" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%24500_Series_EE_US_Savings_Bond.gif/330px-%24500_Series_EE_US_Savings_Bond.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%24500_Series_EE_US_Savings_Bond.gif/440px-%24500_Series_EE_US_Savings_Bond.gif 2x" data-file-width="1244" data-file-height="541" /></a><figcaption>$500 Series EE US Savings Bond featuring <a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:$10,000_Series_I_US_Savings_Bond.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%2410%2C000_Series_I_US_Savings_Bond.gif/220px-%2410%2C000_Series_I_US_Savings_Bond.gif" decoding="async" width="220" height="96" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%2410%2C000_Series_I_US_Savings_Bond.gif/330px-%2410%2C000_Series_I_US_Savings_Bond.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/%2410%2C000_Series_I_US_Savings_Bond.gif/440px-%2410%2C000_Series_I_US_Savings_Bond.gif 2x" data-file-width="1244" data-file-height="543" /></a><figcaption>$10,000 Series I US Savings Bond featuring <a href="/wiki/Spark_Matsunaga" title="Spark Matsunaga">Spark Matsunaga</a></figcaption></figure> <p><a href="/wiki/United_States_Savings_Bonds" title="United States Savings Bonds">Savings bonds</a> were created in 1935, and, in the form of <a href="/wiki/Series_E_bond" title="Series E bond">Series E bonds</a>, also known as war bonds, were widely sold to finance <a href="/wiki/World_War_II" title="World War II">World War II</a>. Unlike Treasury Bonds, they are not marketable, being redeemable only by the original purchaser (or beneficiary in case of death). They remained popular <a href="/wiki/Aftermath_of_World_War_II" title="Aftermath of World War II">after the end of WWII</a>, often used for personal savings and given as gifts. In 2002, the Treasury Department started changing the savings bond program by lowering interest rates and closing its marketing offices.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> As of January 1, 2012, financial institutions no longer sell paper savings bonds.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>Savings bonds are currently offered in two forms, Series EE and Series I bonds. Series EE bonds pay a fixed rate but are guaranteed to pay at least double the purchase price when they reach initial maturity at 20 years; if the compounded interest has not resulted in a doubling of the initial purchase amount, the Treasury makes a one-time adjustment at 20 years to make up the difference. They continue to pay interest until 30 years.<sup id="cite_ref-savingsrate_25-0" class="reference"><a href="#cite_note-savingsrate-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Series I bonds have a variable interest rate that consists of two components. The first is a fixed rate which will remain constant over the life of the bond; the second component is a variable rate reset every six months from the time the bond is purchased based on the current inflation rate as measured by the <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">Consumer Price Index for urban consumers</a> (CPI-U) from a six-month period ending one month prior to the reset time.<sup id="cite_ref-savingsrate_25-1" class="reference"><a href="#cite_note-savingsrate-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> New rates are published on May 1 and November 1 of every year.<sup id="cite_ref-ibonds_27-0" class="reference"><a href="#cite_note-ibonds-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> During times of deflation the negative inflation rate can wipe out the return of the fixed portion, but the combined rate cannot go below 0% and the bond will not lose value.<sup id="cite_ref-ibonds_27-1" class="reference"><a href="#cite_note-ibonds-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Series I bonds are the only ones offered as paper bonds since 2011, and those may only be purchased by using a portion of a federal income tax refund.<sup id="cite_ref-irs_28-0" class="reference"><a href="#cite_note-irs-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Zero-Percent_Certificate_of_Indebtedness">Zero-Percent Certificate of Indebtedness</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=10" title="Edit section: Zero-Percent Certificate of Indebtedness"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The "Certificate of Indebtedness" (C of I) is issued only through the <a href="/wiki/TreasuryDirect" title="TreasuryDirect">TreasuryDirect</a> system. It is an automatically renewed security with one-day maturity that can be purchased in any amount up to $1000, and does not earn interest. An investor can use Certificates of Indebtedness to save funds in a TreasuryDirect account for the purchase of an interest-bearing security.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Government_Account_Series">Government Account Series</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=11" title="Edit section: Government Account Series"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Government Account Series is the principal form of intragovernmental debt holdings.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The government issues GAS securities to federal departments and federally-established entities like the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> that have excess cash.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="State_and_Local_Government_Series">State and Local Government Series</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=12" title="Edit section: State and Local Government Series"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The State and Local Government Series (SLGS) is issued to government entities below the federal level which have excess cash that was obtained through the sale of tax-exempt bonds. The federal tax code generally forbids investment of this cash in securities that offer a higher yield than the original bond, but SLGS securities are exempt from this restriction. The Treasury issues SLGS securities at its discretion and has suspended sales on several occasions to adhere to the <a href="/wiki/United_States_debt_ceiling" title="United States debt ceiling">federal debt ceiling</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Holdings">Holdings</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=13" title="Edit section: Holdings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/National_debt_of_the_United_States#Debt_holdings" title="National debt of the United States">National debt of the United States § Debt holdings</a></div> <div class="mw-heading mw-heading3"><h3 id="Domestic">Domestic</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=14" title="Edit section: Domestic"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In June 2023 approximately $25 trillion of outstanding Treasury securities, representing 76% of the public debt, belonged to domestic holders. Of this amount $6.9 trillion or 21% of the debt was held by agencies of the federal government itself. These <a href="/wiki/Intragovernmental_holdings" title="Intragovernmental holdings">intragovernmental holdings</a> function as <a href="/wiki/Time_deposit" title="Time deposit">time deposits</a> of the agencies' excess and reserve funds to the Treasury. The <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a> was also a significant holder as the market agent of the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> system, with $5.5 trillion or roughly 17%. Other domestic holders included <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> ($2.6 trillion), state and local governments ($2.0 trillion), banks ($1.6 trillion), private pension funds ($900 billion), insurers ($412 billion) and assorted private entities and individuals ($5.2 trillion, including $178 billion in Savings Bonds).<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="International">International</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=15" title="Edit section: International"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/National_debt_of_the_United_States#Foreign_holders_of_U.S._Treasury_securities" title="National debt of the United States">National debt of the United States § Foreign holders of U.S. Treasury securities</a></div> <p>As of June 30, 2023, the top foreign holders of U.S. Treasury securities are:<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> <style data-mw-deduplicate="TemplateStyles:r1226773818">.mw-parser-output .defaultleft{text-align:left}.mw-parser-output .defaultcenter{text-align:center}.mw-parser-output .defaultright{text-align:right}.mw-parser-output .col1left td:nth-child(1),.mw-parser-output .col2left td:nth-child(2),.mw-parser-output .col3left td:nth-child(3),.mw-parser-output .col4left 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<tbody><tr> <th>Debt holder </th> <th>Total<br /><span class="nowrap">(in US$ billion)</span> </th> <th>% change<br /><span class="nowrap">since June '22</span> </th> <th>% held as<br /><span class="nowrap">long-term debt</span> </th></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/23px-Flag_of_Japan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/35px-Flag_of_Japan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/45px-Flag_of_Japan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Japan" title="Japan">Japan</a> </td> <td>1,103.5 </td> <td><span style="color:red;">(−10%)</span> </td> <td><style data-mw-deduplicate="TemplateStyles:r1238854847">.mw-parser-output .percentage-bar{position:relative;border:1px solid #aaa;background-color:#fff;width:100px;max-width:100%;height:1.5em}.mw-parser-output .percentage-bar-fill{position:absolute;background-color:#dbdbdb;height:1.5em;width:50%}.mw-parser-output .percentage-bar-text{position:absolute;width:100%;height:1.5em;text-align:center;color:#000}</style><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 93%;"></div><div class="percentage-bar-text" style="">94%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/China" title="China">China</a> </td> <td>834.1 </td> <td><span style="color:red;">(−11%)</span> </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 99%;"></div><div class="percentage-bar-text" style="">>99%</div></div> </td></tr> <tr> <td><span class="nowrap"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a></span> </td> <td>670.0 </td> <td>+ 9% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 86%;"></div><div class="percentage-bar-text" style="">87%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Belgium" title="Belgium">Belgium</a> </td> <td>330.1 </td> <td>+22% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 78%;"></div><div class="percentage-bar-text" style="">79%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></span></span> </span><a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> </td> <td>329.0 </td> <td>+ 8% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 77%;"></div><div class="percentage-bar-text" style="">77%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/15px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="15" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/23px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/30px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span> </span><a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> </td> <td>304.3 </td> <td>+ 5% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 79%;"></div><div class="percentage-bar-text" style="">80%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a> </td> <td>276.4 </td> <td><span style="color:red;">(− 3%)</span> </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 73%;"></div><div class="percentage-bar-text" style="">73%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Canada" title="Canada">Canada</a> </td> <td>273.8 </td> <td>+34% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 90%;"></div><div class="percentage-bar-text" style="">91%</div></div> </td></tr> <tr> <td><span class="nowrap"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_the_Cayman_Islands.svg/23px-Flag_of_the_Cayman_Islands.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_the_Cayman_Islands.svg/35px-Flag_of_the_Cayman_Islands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_the_Cayman_Islands.svg/46px-Flag_of_the_Cayman_Islands.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a></span> </td> <td>273.7 </td> <td><span style="color:red;">(– 9%)</span> </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 56%;"></div><div class="percentage-bar-text" style="">57%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/23px-Flag_of_the_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/35px-Flag_of_the_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/45px-Flag_of_the_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Taiwan" title="Taiwan">Taiwan</a> </td> <td>241.1 </td> <td>+ 4% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 97%;"></div><div class="percentage-bar-text" style="">98%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/India" title="India">India</a> </td> <td>235.1 </td> <td>+13% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 99%;"></div><div class="percentage-bar-text" style="">99%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /></span></span> </span><a href="/wiki/Brazil" title="Brazil">Brazil</a> </td> <td>227.5 </td> <td>+ 1% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 97%;"></div><div class="percentage-bar-text" style="">98%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/France" title="France">France</a> </td> <td>216.0 </td> <td><span style="color:red;">(− 8%)</span> </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 90%;"></div><div class="percentage-bar-text" style="">91%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/23px-Flag_of_Hong_Kong.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/35px-Flag_of_Hong_Kong.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Flag_of_Hong_Kong.svg/45px-Flag_of_Hong_Kong.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> </td> <td>198.9 </td> <td>+ 7% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 85%;"></div><div class="percentage-bar-text" style="">85%</div></div> </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Singapore" title="Singapore">Singapore</a> </td> <td>186.6 </td> <td>+ 4% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 95%;"></div><div class="percentage-bar-text" style="">96%</div></div> </td></tr> <tr> <td>others </td> <td>1,912.9 </td> <td>+14% </td> <td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 83%;"></div><div class="percentage-bar-text" style="">84%</div></div> </td></tr> <tr> <th><b>Total</b> </th> <th><b>7,613.2</b> </th> <th><b>+ 3%</b> </th> <th><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238854847"><div class="percentage-bar" style=""><div class="percentage-bar-fill" style="width: 87%;"></div><div class="percentage-bar-text" style="">87%</div></div> </th></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Chiasso_financial_smuggling_case" title="Chiasso financial smuggling case">Chiasso financial smuggling case</a></li> <li><a href="/wiki/Consol_(bond)" title="Consol (bond)">Consol</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government debt</a></li> <li><a href="/wiki/Interest" title="Interest">Interest</a></li> <li><a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted yield curve</a></li> <li><a href="/wiki/Risk" title="Risk">Risk</a></li> <li><a href="/wiki/Strong_dollar_policy" title="Strong dollar policy">Strong dollar policy</a></li> <li><a href="/wiki/War_bond" title="War bond">War bond</a></li> <li><a href="/wiki/War_savings_stamps" class="mw-redirect" title="War savings stamps">War savings stamps</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankingobserver.com/p/in-america-the-rich-use-a-different">"In America, the rich use a different type of money than the poor"</a>. Banking Observer.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=In+America%2C+the+rich+use+a+different+type+of+money+than+the+poor&rft.pub=Banking+Observer&rft_id=https%3A%2F%2Fwww.bankingobserver.com%2Fp%2Fin-america-the-rich-use-a-different&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWang2021" class="citation book cs1">Wang, Joseph (January 18, 2021). <i>Central Banking 101</i>. Joseph Wang. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0999136744" title="Special:BookSources/978-0999136744"><bdi>978-0999136744</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Central+Banking+101&rft.pub=Joseph+Wang&rft.date=2021-01-18&rft.isbn=978-0999136744&rft.aulast=Wang&rft.aufirst=Joseph&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-Garbade2008-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Garbade2008_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Garbade2008_3-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Garbade2008_3-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Garbade2008_3-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Garbade2008_3-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGarbade2008" class="citation journal cs1">Garbade, Kenneth D. (July 2008). <a rel="nofollow" class="external text" href="http://www.newyorkfed.org/research/epr/08v14n1/0807garb.pdf">"Why The U.S. Treasury Began Auctioning Treasury Bills in 1929"</a> <span class="cs1-format">(PDF)</span>. <i>FRBNY Economic Policy Review</i>. <b>14</b> (1)<span class="reference-accessdate">. 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Retrieved <span class="nowrap">February 14,</span> 2007</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+San+Francisco+Chronicle&rft.atitle=Treasury+takes+new+whack+at+savings+bonds&rft.date=2007-12-03&rft.au=Pender%2C+Kathleen&rft_id=http%3A%2F%2Fwww.sfgate.com%2Fcgi-bin%2Farticle.cgi%3Ff%3D%2Fc%2Fa%2F2007%2F12%2F04%2FBU0ATNHMO.DTL&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPender,_Kathleen2011" class="citation news cs1">Pender, Kathleen (July 13, 2011). <a rel="nofollow" class="external text" href="http://www.savingsbonds.gov/news/pressroom/pressroom_comotcend0711.htm">"Treasury takes new whack at savings bonds"</a>. <i>Treasury Department News Release</i>. 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Retrieved <span class="nowrap">November 25,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Treasury+Department+News+Release&rft.atitle=Treasury+takes+new+whack+at+savings+bonds&rft.date=2011-07-13&rft.au=Pender%2C+Kathleen&rft_id=http%3A%2F%2Fwww.savingsbonds.gov%2Fnews%2Fpressroom%2Fpressroom_comotcend0711.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-savingsrate-25"><span class="mw-cite-backlink">^ <a href="#cite_ref-savingsrate_25-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-savingsrate_25-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.savingsbonds.gov/news/pressroom/currenteebondratespr.htm">TreasuryDirect Savings Bond Rate Press Release</a></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_marketbonds.htm">"Series EE/E Savings Bond Rates"</a>. 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Retrieved <span class="nowrap">July 19,</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Series+EE%2FE+Savings+Bond+Rates&rft.pub=U.S.+Department+of+the+Treasury&rft_id=http%3A%2F%2Fwww.treasurydirect.gov%2Findiv%2Fresearch%2Findepth%2Febonds%2Fres_e_marketbonds.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-ibonds-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-ibonds_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ibonds_27-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_iratesandterms.htm">"I Savings Bonds Rates & Terms"</a>. TreasuryDirect.gov. November 1, 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">June 6,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=I+Savings+Bonds+Rates+%26+Terms&rft.pub=TreasuryDirect.gov&rft.date=2015-11-01&rft_id=https%3A%2F%2Fwww.treasurydirect.gov%2Findiv%2Fresearch%2Findepth%2Fibonds%2Fres_ibonds_iratesandterms.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-irs-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-irs_28-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.irs.gov/newsroom/article/0,,id=218387,00.html">"Use Your Federal Tax Refund to Buy Savings Bonds"</a>. irs.gov. February 1, 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">April 27,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Use+Your+Federal+Tax+Refund+to+Buy+Savings+Bonds&rft.pub=irs.gov&rft.date=2011-02-01&rft_id=https%3A%2F%2Fwww.irs.gov%2Fnewsroom%2Farticle%2F0%2C%2Cid%3D218387%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/lawguide/lawguide_08162004.pdf">"Regulations Governing Treasury Securities, New Treasury Direct System"</a> <span class="cs1-format">(PDF)</span>. U.S. Department of the Treasury. Bureau of the Public Debt, Fiscal Service, Treasury, Vol. 69, No. 157. August 2004<span class="reference-accessdate">. Retrieved <span class="nowrap">May 17,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Regulations+Governing+Treasury+Securities%2C+New+Treasury+Direct+System&rft.pub=U.S.+Department+of+the+Treasury&rft.date=2004-08&rft_id=http%3A%2F%2Fwww.treasurydirect.gov%2Flawguide%2Flawguide_08162004.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/govt/reports/pd/mspd/2009/opds092009.pdf">"Monthly Statement of the Public Debt of the United States"</a> <span class="cs1-format">(PDF)</span>. treasurydirect.gov. September 30, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">November 4,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Monthly+Statement+of+the+Public+Debt+of+the+United+States&rft.pub=treasurydirect.gov&rft.date=2009-09-30&rft_id=http%3A%2F%2Fwww.treasurydirect.gov%2Fgovt%2Freports%2Fpd%2Fmspd%2F2009%2Fopds092009.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.fiscal.treasury.gov/files/reports-statements/treasury-bulletin/b2023-4.pdf">Treasury Bulletin</a> (December 2023): Ownership of Federal Securities</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasury.gov/resource-center/data-chart-center/tic/Documents/shla2023r.pdf">"Foreign Portfolio Holdings of U.S. Securities as of 6/30/2023"</a> <span class="cs1-format">(PDF)</span>. U.S. Department of the Treasury. April 30, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Foreign+Portfolio+Holdings+of+U.S.+Securities+as+of+6%2F30%2F2023&rft.pub=U.S.+Department+of+the+Treasury&rft.date=2024-04-30&rft_id=https%3A%2F%2Fwww.treasury.gov%2Fresource-center%2Fdata-chart-center%2Ftic%2FDocuments%2Fshla2023r.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.treasury.gov/resource-center/data-chart-center/tic/Documents/shla2022r.pdf">"Foreign Portfolio Holdings of U.S. Securities as of 6/30/2022"</a> <span class="cs1-format">(PDF)</span>. U.S. Department of the Treasury. April 28, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Foreign+Portfolio+Holdings+of+U.S.+Securities+as+of+6%2F30%2F2022&rft.pub=U.S.+Department+of+the+Treasury&rft.date=2023-04-28&rft_id=https%3A%2F%2Fwww.treasury.gov%2Fresource-center%2Fdata-chart-center%2Ftic%2FDocuments%2Fshla2022r.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Treasury+security" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Sarah L. Quinn. 2019. <i><a rel="nofollow" class="external text" href="https://press.princeton.edu/titles/13320.html">American Bonds: How Credit Markets Shaped a Nation</a></i>. Princeton University Press. </p> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=United_States_Treasury_security&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/indiv/products/products.htm">Bureau of the Public Debt: US Savings Bonds Online</a></li> <li><a rel="nofollow" class="external text" href="http://www.treas.gov/tic/mfh.txt">Major Foreign Holders of U.S. Treasury Bonds</a></li> <li><a rel="nofollow" class="external text" href="https://www.treasurydirect.gov/indiv/research/indepth/other/res_othersecurities.htm">U.S. Bureau of the Public Debt: Series A, B, C, D, E, F, G, H, J, and K Savings Bonds and Savings Notes.</a></li> <li><a rel="nofollow" class="external text" href="http://www.kc.frb.org/Publicat/econrev/PDF/1q98Shen.pdf">Features and Risks of Treasury Inflation Protection Securities</a></li> <li><a rel="nofollow" class="external text" href="http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/index.aspx">U.S. Treasury Resource Center – Treasury International Capital (TIC) System</a></li> <li><a rel="nofollow" class="external text" href="https://fred.stlouisfed.org/series/DGS10">10 Year Treasury Yield Chart</a></li> <li><a rel="nofollow" class="external text" href="https://ustreasuries.online">US Treasuries – Key Rates, Prices, Yields, Durations</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agency_debt" title="Agency debt">Agency bond</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a> <ul><li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li></ul></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed debt</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Infrastructure_bond" title="Infrastructure bond">Infrastructure bond</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><a href="/wiki/Global_bond" title="Global bond">Global bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accrual_bond" title="Accrual bond">Accrual bond</a></li> <li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate security</a></li> <li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</a></li> <li><a href="/wiki/Consol_(bond)" title="Consol (bond)">Consol</a></li> <li><a href="/wiki/Contingent_convertible_bond" title="Contingent convertible bond">Contingent convertible bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li> <li><a href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</a></li> <li><a href="/wiki/Inverse_floating_rate_note" title="Inverse floating rate note">Inverse floating rate note</a></li> <li><a href="/wiki/Lottery_bond" title="Lottery bond">Lottery bond</a></li> <li><a href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li> <li><a href="/wiki/Reverse_convertible_securities" title="Reverse convertible securities">Reverse convertible securities</a></li> <li><a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Clean_price" title="Clean price">Clean price</a></li> <li><a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a></li> <li><a href="/wiki/Coupon_(finance)" title="Coupon (finance)">Coupon</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Credit spread</a></li> <li><a href="/wiki/Current_yield" title="Current yield">Current yield</a></li> <li><a href="/wiki/Dirty_price" title="Dirty price">Dirty price</a></li> <li><a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a></li> <li><a href="/wiki/I-spread" title="I-spread">I-spread</a></li> <li><a href="/wiki/Mortgage_yield" title="Mortgage yield">Mortgage yield</a></li> <li><a href="/wiki/Nominal_yield" title="Nominal yield">Nominal yield</a></li> <li><a href="/wiki/Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</a></li> <li><a href="/wiki/Risk-free_bond" title="Risk-free bond">Risk-free bond</a></li> <li><a href="/wiki/Weighted-average_life" title="Weighted-average life">Weighted-average life</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Yield spread</a></li> <li><a href="/wiki/Yield_to_maturity" title="Yield to maturity">Yield to maturity</a></li> <li><a href="/wiki/Z-spread" title="Z-spread">Z-spread</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securitized products</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_option" title="Bond option">Bond options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Embedded_option" title="Embedded option">Embedded option</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</a> (CMSA)</li> <li><a href="/wiki/International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</a> (ICMA)</li> <li><a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA)</li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Monetary_policy_and_central_banking_in_the_United_States_(pre–1913)" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)" title="Template:Money and central banking within the contemporary United States (pre–1913)"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)&action=edit&redlink=1" class="new" title="Template talk:Money and central banking within the contemporary United States (pre–1913) (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)" title="Special:EditPage/Template:Money and central banking within the contemporary United States (pre–1913)"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Monetary_policy_and_central_banking_in_the_United_States_(pre–1913)" style="font-size:114%;margin:0 4em"><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">Monetary policy</a> and <a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">central banking in the United States</a> (<a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">pre–1913</a>)</div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a><br />(1607–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bills_of_credit" title="Bills of credit">Bills of credit</a> (c. 1690–1750)</li> <li><a href="/wiki/Tobacco_Inspection_Act" title="Tobacco Inspection Act">Tobacco Inspection Act</a> (1730)</li> <li><a href="/wiki/Maryland_Tobacco_Inspection_Act_of_1747" title="Maryland Tobacco Inspection Act of 1747">Maryland Tobacco Inspection Act of 1747</a></li> <li><a href="/wiki/Currency_Act" title="Currency Act">Currency Acts</a> (1751; 1764)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Second_Continental_Congress" title="Second Continental Congress">Second Continental Congress</a> (1776–1780)</li> <li><a href="/wiki/Banknotes_of_the_United_States_dollar" title="Banknotes of the United States dollar">U.S. dollar banknotes</a> (1775–)</li> <li><a href="/wiki/Continental_currency_banknotes" title="Continental currency banknotes">Continental currency banknotes</a> (1775–1779)</li> <li><a href="/wiki/Bank_of_Pennsylvania" title="Bank of Pennsylvania">Bank of Pennsylvania</a> (1780–1781)</li> <li><a href="/wiki/Superintendent_of_Finance_of_the_United_States" title="Superintendent of Finance of the United States">U.S. Finance Superintendent</a> (1781–1785)</li> <li><a href="/wiki/Bank_of_North_America" title="Bank of North America">Bank of North America</a> (1781–1791)</li> <li><a href="/wiki/Article_One_of_the_United_States_Constitution" title="Article One of the United States Constitution">Article I of the U.S. Constitution</a> <ul><li>1787–1788; <a href="/wiki/Article_One_of_the_United_States_Constitution#Section_8:_Powers_of_Congress" title="Article One of the United States Constitution">Section VIII</a></li> <li><a href="/wiki/Article_One_of_the_United_States_Constitution#Section_10:_Limits_on_the_States" title="Article One of the United States Constitution">Section X</a></li></ul></li> <li><a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury Department</a> <ul><li>1789–1913; <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">U.S. Treasury Secretary</a></li></ul></li> <li><a class="mw-selflink selflink">U.S. Treasury security</a> (1789–present)</li> <li><a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a> (1791–1811)</li> <li><a href="/wiki/Coinage_Act_of_1792" title="Coinage Act of 1792">Coinage Act of 1792</a></li> <li><a href="/wiki/United_States_Mint" title="United States Mint">United States Mint</a> (1792–1873)</li> <li><a href="/wiki/Coins_of_the_United_States_dollar" title="Coins of the United States dollar">U.S. dollar coins</a> (1792–)</li> <li><a href="/wiki/Half_dime" title="Half dime">Half dime</a> (1792–1873)</li> <li><a href="/wiki/1792_half_disme" title="1792 half disme">1792 half disme</a></li> <li><a href="/wiki/Half_cent_(United_States_coin)" title="Half cent (United States coin)">Half cent</a> (1793–1857)</li> <li><a href="/wiki/Large_cent" title="Large cent">Large cent</a> (1793–1857)</li> <li><a href="/wiki/Treasury_Note_(19th_century)" title="Treasury Note (19th century)">Treasury Note</a> (1812–1913)</li> <li><a href="/wiki/Banking_in_the_Jacksonian_Era" title="Banking in the Jacksonian Era">Banking in the Jacksonian Era</a> <ul><li><a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a>, 1816–1836</li> <li><a href="/wiki/Suffolk_Bank" title="Suffolk Bank">Suffolk Bank</a>, 1818–1858</li> <li><i><a href="/wiki/McCulloch_v._Maryland" title="McCulloch v. Maryland">McCulloch v. Maryland</a></i>, 1819</li> <li><a href="/wiki/Safety_Fund_System" title="Safety Fund System">New York Safety Fund System</a>, 1829–1842</li> <li><a href="/wiki/Bank_War" title="Bank War">Bank War</a>, 1832–1836</li> <li><a href="/wiki/Coinage_Act_of_1834" title="Coinage Act of 1834">Coinage Act of 1834</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War Era</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Free_banking" title="Free banking">Free banking</a> (1836–1865)</li> <li><a href="/wiki/Wildcat_banking" title="Wildcat banking">Wildcat banking</a> (1836–1865)</li> <li><a href="/wiki/The_Forstall_System" title="The Forstall System">Forstall System</a> (1842–1865)</li> <li><a href="/wiki/Independent_Treasury" title="Independent Treasury">Independent U.S. Treasury</a> (1846–1913)</li> <li><a href="/wiki/Coinage_Act_of_1849" title="Coinage Act of 1849">Coinage Act of 1849</a></li> <li><a href="/wiki/Three-cent_silver" title="Three-cent silver">Three-cent silver</a> (1851–1873)</li> <li><a href="/wiki/Coinage_Act_of_1853" title="Coinage Act of 1853">Coinage Act of 1853</a></li> <li><a href="/wiki/The_Clearing_House" title="The Clearing House">New York Clearing House Association</a> (1853–1863)</li> <li><a href="/wiki/Coinage_Act_of_1857" title="Coinage Act of 1857">Coinage Act of 1857</a></li> <li><a href="/wiki/Demand_Note" title="Demand Note">Demand Note</a> (1861–1862)</li> <li><a href="/wiki/Legal_Tender_Cases" title="Legal Tender Cases">Legal Tender Act of 1862</a></li> <li><a href="/wiki/United_States_Note" title="United States Note">United States Note</a> (1862–1971)</li> <li><a href="/wiki/Fractional_currency" title="Fractional currency">Fractional currency</a> (1862–1876)</li> <li><a href="/wiki/National_Bank_Act" title="National Bank Act">National Bank Acts</a> (1863; 1864)</li> <li><a href="/wiki/Interest_bearing_note" title="Interest bearing note">Interest bearing note</a> (1863–1865)</li> <li><a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">National banks system</a> (1863–1913)</li> <li><a href="/wiki/National_Bank_Note" title="National Bank Note">National Bank Note</a> (1863–c. 1930)</li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificate</a> (1863–1933)</li> <li><a href="/wiki/Compound_interest_treasury_note" title="Compound interest treasury note">Compound interest treasury note</a> (1863–1864)</li> <li><a href="/wiki/Coinage_Act_of_1864" title="Coinage Act of 1864">Coinage Act of 1864</a></li> <li><a href="/wiki/Two-cent_piece_(United_States)" title="Two-cent piece (United States)">Two-cent piece</a> (1864–1873)</li> <li><a href="/wiki/Three-cent_nickel" title="Three-cent nickel">Three-cent nickel</a> (1865–1889)</li> <li><a href="/wiki/Contraction_Act_of_1866" title="Contraction Act of 1866">Contraction Act of 1866</a></li> <li><a href="/wiki/Public_Credit_Act_of_1869" title="Public Credit Act of 1869">Public Credit Act of 1869</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Legal_Tender_Cases" title="Legal Tender Cases">Legal Tender Cases</a></i></li> <li><i><a href="/wiki/Hepburn_v._Griswold" title="Hepburn v. Griswold">Hepburn v. Griswold</a></i> (1870)</li> <li><a href="/wiki/Currency_Act_of_1870" title="Currency Act of 1870">Currency Act of 1870</a></li> <li><a href="/wiki/National_Gold_Bank_Note" title="National Gold Bank Note">National Gold Bank Note</a> (1870–1875)</li> <li><i><a href="/wiki/Knox_v._Lee" title="Knox v. Lee">Knox v. Lee</a></i> (1871)</li> <li><a href="/wiki/Coinage_Act_of_1873" title="Coinage Act of 1873">Coinage Act of 1873</a></li> <li><a href="/wiki/Free_silver" title="Free silver">Free silver</a></li> <li><a href="/wiki/Specie_Payment_Resumption_Act" title="Specie Payment Resumption Act">Specie Payment Resumption Act</a> (1875)</li> <li><a href="/wiki/Twenty-cent_piece_(United_States_coin)" title="Twenty-cent piece (United States coin)">Twenty-cent piece</a> (1875–1878)</li> <li><a href="/wiki/Bland%E2%80%93Allison_Act" title="Bland–Allison Act">Bland–Allison Act</a> (1878)</li> <li><a href="/wiki/Silver_certificate_(United_States)" title="Silver certificate (United States)">Silver certificate</a> (1878–1964)</li> <li><a href="/wiki/Refunding_Certificate" title="Refunding Certificate">Refunding Certificate</a> (1879–1907)</li> <li><i><a href="/wiki/Juilliard_v._Greenman" title="Juilliard v. Greenman">Juilliard v. Greenman</a></i> (1884)</li> <li><a href="/wiki/Sherman_Silver_Purchase_Act" title="Sherman Silver Purchase Act">Sherman Silver Purchase Act</a> (1890)</li> <li><a href="/wiki/Treasury_Note_(1890%E2%80%931891)" title="Treasury Note (1890–1891)">Treasury Note</a> (1890–1891)</li> <li><a href="/wiki/Gold_Standard_Act" title="Gold Standard Act">Gold Standard Act</a> (1900)</li> <li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=United_States_Treasury_security&oldid=1259878980">https://en.wikipedia.org/w/index.php?title=United_States_Treasury_security&oldid=1259878980</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:United_States_Department_of_the_Treasury" title="Category:United States Department of the Treasury">United States Department of the Treasury</a></li><li><a href="/wiki/Category:Government_finances_in_the_United_States" title="Category:Government finances in the United States">Government finances in the United States</a></li><li><a href="/wiki/Category:Government_bonds_issued_by_the_United_States" title="Category:Government bonds issued by the United States">Government bonds issued by the United States</a></li><li><a href="/wiki/Category:Interest-bearing_instruments" title="Category:Interest-bearing instruments">Interest-bearing instruments</a></li><li><a href="/wiki/Category:Money_market_instruments" title="Category:Money market instruments">Money market instruments</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">CS1 maint: multiple names: authors list</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_August_2019" title="Category:Use mdy dates from August 2019">Use mdy dates from August 2019</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_July_2021" title="Category:Articles needing additional references from July 2021">Articles needing additional references from July 2021</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_August_2021" title="Category:Articles with unsourced statements from August 2021">Articles with unsourced statements from August 2021</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 27 November 2024, at 15:48<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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