Treasury securities

(FINANCE) bonds issued by the treasury of a country.

In the USA, the US Department of the Treasury serves as the underwriter for the federal government; it floats bonds and short term securities ("paper"), which is then used by central banks around the world as hot money.

Includes

--the t-bill: short term (>91 days); discounted
--the treasury note: up to 10 years; coupons
--the treasury bond: longer than 20 years; coupons

Treasury securities are the main instrument of monetary policy by the Federal Reserve System.

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