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United States Treasury securities (Treasuries) are government debt instruments issued by the Department of the Treasury to finance federal spending, and since 2012 they have been managed by the Bureau of the Fiscal Service. They come in four main marketable types—Treasury bills, notes, bonds, and TIPS—which are sold at auctions conducted by the Federal Reserve Bank of New York and then traded in secondary markets, alongside non-marketable forms like savings bonds. Backed by the "full faith and credit" of the U.S., these securities are considered one of the world's lowest-risk investments, often used as cash equivalents by institutions and wealthy investors. Historically, the government financed World War I with $21.5 billion in fixed-price Liberty bonds, but chronic over-subscription in the 1920s revealed the government was paying too much, prompting a shift to an auction system in 1929—the first auction on December 13, 1929 sold $100 million in three-month bills to the highest bidders. By the 1970s, the Treasury moved to regular and predictable offerings to reduce market uncertainty, solidifying the modern framework that makes Treasuries a cornerstone of the global financial system.