T-Note
U.S. Treasury notes with maturities of 2, 3, 5, 7, or 10 years, paying semi-annual coupon interest — the most widely traded government securities.
Treasury Notes (T-Notes) are coupon-bearing securities maturing in 2 to 10 years. They pay interest semi-annually and return face value at maturity. T-Notes are the most actively traded segment of the Treasury market.
The 10-year T-Note yield is the single most watched interest rate in global finance — it benchmarks mortgage rates, corporate bonds, and equity valuations. The 2-year T-Note yield closely tracks Fed policy expectations and is the anchor for the short end of the yield curve.
The spread between the 2-year and 10-year yields (the 2s10s) is the most cited yield curve indicator for recession forecasting.
Related Terms
2s10s Spread
The yield difference between the 10-year and 2-year U.S. Treasury notes — the most widely cited gauge of yield curve shape and recession risk.
IntermediateBond Yield
The return an investor earns by holding a bond — driven by its price, coupon, and time to maturity. Moves inversely with price.
BeginnerT-Bill
Short-term U.S. Treasury debt maturing in 4, 8, 13, 26, or 52 weeks, sold at a discount to face value rather than paying coupon interest.
BeginnerT-Bond
Long-term U.S. Treasury debt with 20- or 30-year maturities — the most sensitive to interest rate changes among Treasuries.
IntermediateTreasury Security
Debt issued by the U.S. federal government through the Treasury Department — the benchmark risk-free asset in global finance.
BeginnerYield Curve
A graph of Treasury yields across all maturities — from 3 months to 30 years — that maps the term structure of interest rates at a given moment.
Intermediate