U.S. Treasury Note
Last reviewed: September 2, 2026
A U.S. Treasury note is a marketable debt security issued by the U.S. government with an original maturity longer than one year and up to ten years.
How Treasury notes pay investors
Treasury notes generally pay a fixed rate of interest every six months and return principal at maturity.
Notes vs bills vs bonds
- Treasury bills mature in one year or less and are generally sold at a discount.
- Treasury notes have intermediate maturities.
- Treasury bonds have longer maturities.
Why yields move
Once issued, Treasury notes can trade in the secondary market. Their prices and yields move in opposite directions: when the market price falls, the yield generally rises, and vice versa.
Sources and further reading
- TreasuryDirect Treasury Notes — official U.S. Treasury information.