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Treasury's official blog, featuring blog posts from Treasury's senior officials and staff sharing news, announcements and information about the work done at the Treasury Department.

Examining Swap Spreads and the Implications for Funding the Government

By: James Clark and Gabriel Mann
Thursday, June 09, 2016

Since the financial crisis, the relationship between Treasury securities and interest rate swaps has changed.  Swap rates have tended to decline relative to Treasury yields, resulting in a negative swap spread for some tenors.  Some argue that this change means that there is a higher cost for funding the government relative to the corporate sector.  Below we explain why that argument is flawed by taking a closer look at relative funding costs and structural dynamics within the swaps market. 
Posted in: Fixed Income

Examining Liquidity in On-the-Run and Off-the-Run Treasury Securities

By: James Clark, Chris Cameron and Gabriel Mann
Friday, May 20, 2016

This post explores how the “G-spread” (a measure of the difference in pricing between on-the-run and off-the-run securities) has evolved over time and across the curve. 
Posted in: Fixed Income

Strengthening Public and Private Sector Collaboration in Improving America’s Infrastructure

By: Jane Dokko
Thursday, May 19, 2016

As part of Infrastructure Week 2016, the U.S. Treasury Department is releasing a white paper on “An Economic Framework for Comparing Public-Private Partnerships and Conventional Procurement.” 
Posted in: Infrastructure

ICYMI: News on Marketplace Lending White Paper

By: Dan Cruz
Friday, May 13, 2016

​This week, the Treasury Department issued a white paper on online marketplace lending titled, "Opportunities and Challenges in Online Marketplace Lending.” The paper provides an overview of the market and reports key findings from the Department’s Request for Information published last July, including structural trends that require ongoing observation and important policy recommendations. Here are a few highlights from the press coverage of our announcement.
Posted in: Marketplace Lending

Opportunities and Challenges in Online Marketplace Lending

By: Dan Cruz
Tuesday, May 10, 2016

The U.S. Treasury Department today issued a white paper regarding its review of the online marketplace lending industry. The white paper titled, “Opportunities and Challenges in Online Marketplace Lending,” provides an overview of what the Treasury Department heard in response to its Request for Information, and it contains research on and recommendations for the industry.​
Posted in: Marketplace Lending

A Deeper Look at Liquidity Conditions in the Treasury Market

By: James Clark and Gabriel Mann
Friday, May 06, 2016

This post starts with a review of several traditional measures used to assess the state of liquidity in the Treasury market, some of which were discussed in the recent blog series published by the Federal Reserve Bank of New York, which has long acted as Treasury’s fiscal agent.
Posted in: Fixed Income

Secretary Lew Sends Letter to Congress on Puerto Rico

By: Dan Watson
Tuesday, May 03, 2016

Today, Secretary Lew sent the following letter to Congress regarding Puerto Rico's debt crisis.
Posted in: Puerto Rico en Español

By: Louisa Quittman and Marie Vazquez-Lopez
Friday, April 29, 2016

The Department of the Treasury is pleased to announce the launch of in Spanish. is a website of the Financial Literacy and Education Commission.  The site provides the public with information and tools to help with financial decision-making.
Posted in: Financial Literacy

Treasury Efforts to Protect and Support the Charitable Sector

By: Jennifer Fowler
Thursday, April 28, 2016

Last week, Treasury participated with other governments in the Financial Action Task Force (FATF)’s annual consultation with the global charitable sector
Posted in: Terrorist Financing

Direct Express Mobile App Delivers Financial Capability to Those Most in Need

By: Walt Henderson
Wednesday, April 27, 2016

Treasury’s Bureau of the Fiscal Service is pleased to announce the Direct Express® Mobile App, because it delivers essential financial tools for individuals to take charge of their own finances. 
Posted in: Financial Capability
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