To achieve its primary debt management objective of financing the federal government's borrowing needs at the lowest cost over time, Treasury issues debt through a regular and predictable schedule of auctions across a wide range of securities. Treasury marketable securities consist of bills that mature in a year or less, notes with original maturities of more than 1 to not over 10 years, and bonds with original maturities of more than 10 years.2 Treasury seeks to appeal to a broad range of investors and to provide the market with a high degree of stability in the amount issued of each security, particularly for longer-term securities.3 Financing across the yield curve (that is, issuing short-, medium-, and long-term debt) appeals to the broadest range of investors, mitigates refunding and market rate risks, and provides the market with a pricing mechanism for setting interest rates. These all contribute to overall market liquidity and promotion of efficient capital markets. In a liquid market, trading can be completed at will and the offer and purchase prices differ only slightly. Liquidity is important to Treasury because liquid securities can be auctioned at lower rates and thus minimizes Treasury borrowing costs.