Visual Guide to Financial Markets

Government Revisited

U.S. Treasuries are a mainstay of the government bond market for a few reasons. Trillions of dollars’ worth of bills, notes, and bonds are outstanding, which makes an abundance of securities available for trading. The newest ones are bought and sold more often than other types of bonds. They change hands minute by minute, let alone day by day. Finally, Treasuries are sold in dollars, the world’s reserve currency. This increases their appeal for central banks and others who want the safest places to invest their money.

Yet the market extends far beyond Treasuries. Supranational borrowers play a role in public finance by raising ...