The US government's negotiable debt securities. A Treasury bill has a maturity of up to one year, and is basically a money market instrument used to meet short-term cash requirements and regulate money supply. A Treasury note has a maturity of more than one year and less than 10, while a Treasury bond has a maturity of 10 years or more. The yield on the US government's 30-year Treasury bond - also called the long bond - is a key benchmark for other long-term bonds. All Treasuries are tradable in the secondary market.