We sell U.S. Treasury marketable securities through auctions. In 2021, we held 445 public auctions and issued about $18 trillion in Treasury marketable securities.
Treasury marketable securities include Bills, Notes, Bonds, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs). What makes them "marketable" is that you can sell or transfer them before they mature.
Treasury Marketable securities differ from U.S. savings bonds in two ways:
- You buy savings bonds without an auction.
- You can't sell or transfer a savings bond.