page_title: United States Treasury security
section_title: Treasury bond
hierarchical_section_title: United States Treasury security / Marketable securities / Treasury bond
caption_attribution_description: English: 1979 $10,000 Treasury Bond
context_page_description: United States Treasury securities are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Treasury securities are often referred to simply as Treasurys. Since 2012, U.S. government debt has been managed by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt.
  There are four types of marketable treasury securities: Treasury bills, Treasury notes, Treasury bonds, and Treasury Inflation Protected Securities. The government sells these securities in auctions conducted by the Federal Reserve Bank of New York, after which they can be traded in secondary markets. Non-marketable securities include savings bonds, issued to the public and transferable only as gifts; the State and Local Government Series, purchaseable only with the proceeds of state and municipal bond sales; and the Government Account Series, purchased by units of the federal government.
  Treasury securities are backed by the full faith and credit of the United States, meaning that the government promises to raise money by any legally available means to repay them.
context_section_description: Treasury bonds (T-bonds, also called a long bond) have the longest maturity at thirty years. They have a coupon payment every six months like T-notes.
  The U.S. Federal government suspended issuing 30-year Treasury bonds for four years from February 18, 2002 to February 9, 2006. As the U.S. government used budget surpluses to pay down Federal debt in the late 1990s, 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 pension funds and large, long-term institutional investors, along with a need to diversify the Treasury's liabilities—and also because the flatter yield curve meant that the opportunity cost of selling long-dated debt had dropped—the 30-year Treasury bond was re-introduced in February 2006 and is now issued quarterly. In 2019, Treasury Secretary Steven Mnuchin said that the Trump administration was considering issuance of 50-year and even 100-year Treasury bonds.
caption: 1979 $10,000 Treasury Bond
exif: {"Image Orientation": "Horizontal (normal)", "Image XResolution": "600", "Image YResolution": "600", "Image ResolutionUnit": "Pixels/Inch", "Image Software": "iPhoto 9.6", "Image DateTime": "2014:10:25 18:15:26", "Image ExifOffset": "146", "EXIF DateTimeOriginal": "2014:10:25 18:15:26", "EXIF DateTimeDigitized": "2014:10:25 18:15:26", "EXIF ColorSpace": "sRGB", "EXIF ExifImageWidth": "4981", "EXIF ExifImageLength": "4189"}