什么是十年期国库券？
10年期国债是美国政府发行的债务凭证，首次发行后期限为10年。 10年期国库券每六个月按固定利率支付一次利息，并在到期时向持有人支付面值。 美国政府通过发行10年期国债来为自己提供部分资金。
了解 10 年期国债
美国政府发行三种不同类型的债务证券来为其债务提供资金：国库券、国库券和国库券。 票据、债券和票据按期限长短进行区分。
短期国库券（T-bills）的期限最短，期限最长为一年。 财政部提供期限为 4、8、13、26 和 52 周的国库券。 国库券的期限从一年到十年不等，而债券是期限超过10年的国库券。
1
国库券和债券每六个月按固定利率支付利息直至到期，然后按面值赎回，这意味着财政部偿还借入的本金。
1
相比之下，国库券以票面折扣发行，且不支付息票。 国库券赚取的利息是到期时偿还的面值与支付的购买价格之间的差额。
2
以10年期国债收益率为基准
10 年期国债是金融领域追踪最广泛的政府债务工具。 其收益率经常被用作其他利率的基准，例如抵押贷款和公司债务利率，尽管商业利率并不完全跟踪10年期收益率。
下图是2019年3月至2020年3月的10年期国债收益率图表。在此期间，随着美联储将维持低利率或进一步降息的预期，收益率稳步下降。 2020 年 2 月下旬，由于人们越来越担心 COVID-19 大流行对经济的影响，收益率下降加速。 随着美联储3月初下令紧急降息50个基点，10年期国债收益率进一步加速下滑，收益率一度跌至0.32%的历史新低，随后有所反弹。
投资国债的优势
固定收益证券具有重要的投资组合多元化优势，因为它们的回报与股票表现无关。
政府债务，尤其是10年期国债被认为是相对安全的投资，因此其价格经常（但并非总是）与主要股市指数的趋势相反。 在经济衰退期间，央行往往会降低利率，从而降低新国债的票面利率，从而使票面利率较高的旧国债更受欢迎。
投资十年期国债和其他联邦政府证券的另一个优势是，票息支付免征州和地方所得税。 然而，它们仍然需要在联邦层面纳税。
4
  美国财政部直接通过 TreasuryDirect 网站通过竞争性或非竞争性投标出售 10 年期票据和期限较短的票据以及国库券和债券，最低购买额为 100 美元，增量为 100 美元。 国债也可以通过银行或经纪人购买。
投资者可以选择持有国债直至到期或在二级市场提前出售。 没有最低持有期限。 尽管财政部每月都会发行新的短期国债，但新的 10 年期国债仅在 2 月、5 月、8 月和 11 月发行。 在其他月份，财政部会在所谓的“重新开放”中出售最新发行的额外 10 年期国债。 重新发行的票据与原发行的票据具有相同的到期日和票面利率，但发行日期和购买价格不同，反映了随后市场利率的变化。
5
所有国库券均以电子方式发行，这意味着投资者无法获得纸质证书。
6
  第一系列储蓄债券是目前唯一以纸质形式发行的国债，并且只能用退税收益以纸质形式购买。
7
财政直接。 “用你的所得税退税购买纸质储蓄债券。”
https://www.investopedia.com/terms/1/10-yeartreasury.asp#:~:text=The%2010%2Dyear%20Treasury%20note,to%20the%20holder%20at%20maturity.
Bonds are long-term securities that mature in 20 or 30 years. Notes are relatively short or medium-term securities that mature in 2, 3, 5, 7, or 10 years. Both bonds and notes pay interest every six months. The interest rate for a particular security is set at the auction


How often do 10 year Treasuries pay interest?
"); display: inline-block; height: 24px; width: 24px; transform: rotateZ(-180deg);">
once every six months
The 10-year Treasury note is a debt obligation issued by the United States government with a maturity of 10 years upon initial issuance. A 10-year Treasury note pays interest at a fixed rate once every six months and pays the face value to the holder at maturity.
What Is a 10-Year Treasury Note?
The 10-year Treasury note is a debt obligation issued by the United States government with a maturity of 10 years upon initial issuance. A 10-year Treasury note pays interest at a fixed rate once every six months and pays the face value to the holder at maturity. The U.S. government partially funds itself by issuing 10-year Treasury notes.
Understanding 10-Year Treasury Notes
The U.S. government issues three different types of debt securities to fund its obligations: Treasury bills, Treasury notes, and Treasury bonds. Bills, bonds, and notes are distinguished by their length of maturity.
Treasury bills (T-bills) have the shortest maturities, with durations only up to a year. The Treasury offers T-bills with maturities of four, eight, 13, 26, and 52 weeks. Treasury notes have maturities ranging from a year to 10 years, while bonds are Treasury securities with maturities longer than 10 years.1
Treasury notes and bonds pay interest at a fixed rate every six months to maturity, and are then redeemed at par value, meaning the Treasury repays the principal it borrowed.1
In contrast, T-bills are issued at discounts to par and pay no coupon payments. The interest earned on T-bills is the difference between the face value repaid at maturity and the purchase price paid.2

The 10-Year Note Yield as a Benchmark
The 10-year T-note is the most widely tracked government debt instrument in finance. Its yield is often used as a benchmark for other interest rates, like those on mortgages and corporate debt, though commercial interest rates do not track the 10-year yield exactly.
Below is a chart of the 10-year Treasury yield from March 2019 to March 2020. Over that span, the yield steadily declined with expectations that the Federal Reserve would maintain low interest rates or cut them further. In late February 2020, the decline in yield accelerated amid growing concerns about the economic effects of the COVID-19 pandemic. As the Fed ordered an emergency rate cut of 50 basis points in early March, the decline of the 10-year yield accelerated even further, with the yield dropping to 0.32%, a record low, before rebounding.3
The Advantages of Investing in Treasury Notes
Fixed-income securities offer important portfolio diversification benefits, because their returns are not correlated with the performance of stocks.
Government debt and the 10-year Treasury note in particular is considered a relatively safe investment, so its price often (but not always) moves inversely to the trend of the major stock-market indices. In a recession, central banks tend to lower interest rates, which lowers the coupon rate on new Treasuries and, subsequently, makes older Treasury securities with higher coupon rates more desirable.
Another advantage of investing in 10-year Treasury notes and other federal government securities is that the coupon payments are exempt from state and local income taxes. However, they are still taxable at the federal level.4 The U.S. Treasury sells 10-year notes and those with shorter maturities, as well as T-bills and bonds, directly through the TreasuryDirect website via competitive or noncompetitive bidding, with a minimum purchase of $100 and in $100 increments. Treasury securities can also be purchased through a bank or broker.
Investors can choose to hold Treasury notes until maturity or sell them early in the secondary market. There is no minimum holding term. Although the Treasury issues new T-notes of shorter maturities every month, new 10-year notes are issued only in February, May, August, and November. In other months, the Treasury sells additional 10-year notes from the most recent issue in what is known as a re-opening. Re-opened notes have the same maturity date and coupon interest rate as the original issue, but a different issue date and a purchase price reflecting subsequent change in market interest rates.5
All T-notes are issued electronically, meaning investors cannot obtain paper certificates.6 Series I Savings Bonds are the only Treasury securities currently issued in paper form, and they can only be bought in paper form with the proceeds of a tax refund.7