Off-the-Run Treasuries

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Off-the-Run Treasuries

Any set of U.S. Treasury securities of a certain maturity except for the one most recently issued. For example, if the Treasury issues one year notes in May, June, and July, and it is now August, the off-the-run Treasuries are those issued in May and June. Off-the-run Treasuries are less actively traded than on-the-run Treasuries and as a result have a slightly higher yield.
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