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Treasury note

Fixed Income
Definition
US government debt with maturities of 2, 3, 5, 7, or 10 years. Pays semi-annual coupons. The 10-year is the global benchmark for long-term risk-free interest rates and the discount rate referenced in DCFs.

State-tax-exempt. ETFs: SHY (1-3Y), IEF (7-10Y). Direct purchase via TreasuryDirect.gov (no fees) or any major broker.
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