Basic Concepts and Market Role of U.S. Treasury Securities

U.S. Treasury Securities are government bonds issued by the U.S. Department of the Treasury and are considered one of the safest assets in the world. Depending on their maturity, they are divided into short-term Treasury bills (T-Bills, under 1 year), medium-term notes (T-Notes, 2-10 years), and long-term bonds (T-Bonds, over 10 years). Treasury securities are not only a core tool for U.S. government financing but also an important component of global central bank foreign exchange reserves. Their low-risk characteristics make them a 'safe haven' during market turmoil, and their yields are regarded as the benchmark for risk-free interest rates, directly influencing the pricing of financial products such as mortgages and corporate bonds.