US Treasury Securities — T-Bills, T-Notes & T-Bonds
Overview
US Treasuries are the world's safest fixed-income instruments, backed by the full faith of the US government. Learn the differences between bills, notes, and bonds. Treasury yields drive pricing across the entire fixed-income universe, making them essential reading alongside our yield curve analysis. Stay up to date with central bank news and track upcoming auctions on the economic calendar.
Key Takeaways
- T-Bills: 4-52 weeks maturity, sold at a discount, no coupon payments.
- T-Notes: 2-10 year maturity, pay semi-annual coupons.
- T-Bonds: 20-30 year maturity, pay semi-annual coupons, most sensitive to rate changes.
- TIPS: Treasury Inflation-Protected Securities adjust principal with CPI.
Practical Tips
- Buy Treasuries directly from TreasuryDirect.gov to avoid broker fees.
- Use T-Bill ETFs (SGOV, BIL) as a cash alternative when rates are elevated.
- The 10-year Treasury yield is the benchmark — virtually every interest rate in the economy references it.
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