U.S. Treasury securities are marketable and nonmarketable securities issued by the Department of the Treasury, net of premiums and discounts. Because this instrument excludes Treasury securities held as investments of federal government accounts and those issued by federal agencies under special financing authorities, it represents total borrowing from the public plus nonmarketable securities issued to the federal government employee retirement funds. Nonmarketable securities issued to the federal government employee retirement funds are considered part of intergovernmental holdings in U.S. Treasury Department reports, but are treated as public in the financial accounts. Data on all U.S. Treasury securities outstanding, including intragovernmental holdings, can be found in the Monthly Statement of the Public Debt published by the Treasury.
Marketable Treasury securities consist of Treasury bills (maturity of 1 year or less), Treasury notes (maturity of 2 to 10 years), Treasury bonds (maturity of 10 to 30 years), securities issued by the Federal Financing Bank, and Treasury inflation-protected securities, or TIPS. Marketable Treasury securities are very liquid and are heavily traded on the secondary market.
Nonmarketable Treasury securities are issued for special purposes or to particular groups of investors and cannot be traded in the secondary market. These securities include U.S. Savings Securities, State and Local Government Series, Domestic Series, Foreign Series, Rural Electrification Administration Series, Government Account Series, HOPE Bonds (securities issued for the HOPE for Homeowners program beginning in 2008), and nonmarketable securities issued to the federal government employee retirement funds. U.S. Savings Securities are comprised of U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities.
Data on holdings of Treasury securities by most sectors are compiled from available data, while holdings by the sector for households and nonprofit organizations are calculated residually from total liabilities; however, all U.S. savings securities are assets of the household sector. Outstanding holdings are shown at market value for some sectors (prefixed with LM on the tables) while other sectors are shown at book value (prefixed with FL on the tables). Nonmarketable treasury securities do not have a market value.