Treasury Securities Auctions

Treasury "marketable" securities including T-bills, T-notes, T-bonds, and Treasury Inflation-Protected Securities (TIPS) are sold by the Government through Treasury auctions. You can buy these securities directly from the Government at the auctions. Banks and brokers also buy securities at these auctions and then sell them to the public.

The Treasury holds nearly 300 securities auctions each year and sells more than $8.3 trillion worth of securities. Interest rates are set at auction, which affects the price people, banks, and brokers pay the Treasury for the security. The value of a security changes depending on how many people want to buy them. The value also changes when the security's interest rate goes up or down.