According to the U.S. Treasury Department, the selling of bills of credit to fund the government's operations dates back to the Revolutionary War. The first Treasury bills hit the market in 1929 ...

A treasury bill is a government-issued security that matures in 52 weeks or less. It is priced at a discount, and when it matures, the government pays you the full face value. Essentially, you are ...

If you cannot tell from the title, this is going to be a rather wonky post. Nouriel and I are working on a paper on “Bretton Woods Two,” so I have been delving into some data on the Treasury market.