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(FINANCE) a bond issued by the US Department of the Treasury. Unlike longer-term bonds, with regular scheduled interest payments, a T-bill is purely discounted. In other words, the lender--the person buying the bond--pays a price lower than the face value of the bond. When the bond matures (after, say, 91 days), then the buyer is paid the face value. The yield on the T-bill is usually very low; for example, yesterday 13-week T-bill rates were 4.01%. Their price is set at auction.
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