Treasury Securities

generic term for interest bearing obligations of the U.S. government issued by the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into four categories: treasury bills, with maturities of 91 to 365 days; treasury bonds, with maturities of ten years or longer; and treasury notes, with maturities between one and ten years.

These currently are issued in book entry form only. Ownership of book entry securities is maintained on the computers of the Federal Reserve Bank of New York. The purchaser receives a statement (a receipt), rather than an engraved certificate.